194-ia 1% tds

CA CHETAN GUPTA (CA) (588 Points)

01 July 2018  

Section 194-IA 1 % TDS on Purchase of Immovable Property worth more than 50 Lakhs & Form 26QB & Form 16B

 

Mr.X sold property to Mr. A & Mrs. A in Joint Name. Property Value 60 Lakhs

Now 194 IA Applicable or not since there are 2 Buyers and Each will Pay 30 Lakhs.??

If Applicable then How much should Mr. A & Mrs. A Pay individually - viz. 1 % of 60 Lakhs or 1% of 30 Lakhs. 

i.e. Both Mr. A & Mrs. A should Pay 60000 each i.e. Total 120000/-

or Both will pay Rs. 30000/- each toal 60000/-

OR

Mr.A can alone Pay the Rs.60000/- to Govt. from his Bank A/c, irrespective of whether he Pays Rs. 60 Lakhs whole from his Own A/c or 30 Lakhs Each.

 

Now both should File Form 26QB and Form 16 Certificate

 

 

Kindly Guide.