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TDS deduction procedure

05 September 2023

Im purchasing a property worth 56 lakhs.Im transferred the entire money to the seller bank account.In coming week we fixed our registration date.Today i came to know that i have to cut 1% TDS amount in the sale value before giving money to seller.Now im already transferred.So what i have to do now and how i report the same in form 26qb in income tax portal?Seller is ready to give 1% TDS amount to me.please guide me the process.

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7 Replies

Eswar Reddy S (CFO- at NHTF) (58270 Points)
Replied 05 September 2023

Collect 1% and pay Tds through 26QB and issue tds certificate.

Amount paid or credited remains 56Lakhs

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Kalyani Srinivas (33 Points)
Replied 05 September 2023

Thanks for your reply sir,

I transfered entire sale value as lumpsum to seller.In form 26qb,How much amount i have to enter in 'Amount paid/credited currently (B)' column.Total sale value or TDS deducted sale value?

Eswar Reddy S (CFO- at NHTF) (58270 Points)
Replied 05 September 2023

Total Sale value

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Kalyani Srinivas (33 Points)
Replied 05 September 2023

I need another clarification from you sir.

My mother and father both have separate business incomes and they are filing IT returns every year.They both want to buy a property jointly.Total sale value is 70 lakhs.They both want to transfer money to sellers in 50:50 ratio.Even sellers inherited that property jointly.We assume that the share of the individual(35L) is less than 50lakhs,so we won't liable to cut TDS.But some people saying that,even you are buying jointly;you are registering this property in a single sale deed and not registering separately.So you have to cut 1% TDS in sale value.Is this version correct or not?Plz reply.

Eswar Reddy S (CFO- at NHTF) (58270 Points)
Replied 06 September 2023

Check with the seller. Deduction and payment tax is the responsibility of Buyer .

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corporate genie (18 Points)
Replied 06 September 2023

The TDS (Tax Deducted at Source) deduction procedure in India requires entities to deduct a certain percentage of tax at the source of income and deposit it with the government. This process ensures regular tax collection and reduces tax evasion. In Gurgaon, Corporate Genie is a reputable service provider that specializes in Income Tax Return filing in Gurgaon. They assist individuals and businesses in Gurgaon with accurate and timely filing of their income tax returns, ensuring compliance with TDS regulations. Corporate Genie's expertise and professional guidance make the TDS deduction and income tax filing process seamless and hassle-free for their clients in Gurgaon.