Tds on sale of immovable property
This query is : Resolved
Guest
Guest
(Querist)
02 March 2014
Our client has purchased flat in which he and his wife are joint owners and property value is Rs.1 Crore.
But we have filled only one form26QB and total tds @1% is paid in it. Is it correct or if we have 2 fill 2 forms can any one suggest how we can rectify the same . please help as it is urgent
But we have filled only one form26QB and total tds @1% is paid in it. Is it correct or if we have 2 fill 2 forms can any one suggest how we can rectify the same . please help as it is urgent
02 March 2014
ideally you should have filed 2 forms. However, it would still work out fine if you have mentioned int the form that there are multiple buyers.
You wont be able to make any change in the challan with regards to the amount as such.
You wont be able to make any change in the challan with regards to the amount as such.
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Guest
Guest
(Querist)
02 March 2014
Yes we have mentioned in Form26QB that multiple buyer & seller as YES (buyer and wife also seller & wife) what about form 16b to be generated??? as only one form26QB is filed with buyer and seller name
02 March 2014
yes only one form 16B will be generated. but there is little you can do. Given that you have mentioned that there are multiple buyers, you are more or less safe.
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Guest
Guest
(Querist)
02 March 2014
Last question will it attract any penalty in future
03 March 2014
Since, there is no Loss of revenue and it is only a procedural default, hence there should not be a penalty.
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03 March 2014
agreed with Pratik.
plus given that you have already disclosed that there are multiple buyers, it cannot even be said a case concealment of facts.
plus given that you have already disclosed that there are multiple buyers, it cannot even be said a case concealment of facts.
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