I have jointly purchased a jointly owned property with my son, which carries total sale consideration of Rs.57,50,000 through own contribution. A - Buyer B - Co-Buyer C - Seller D - Co-Seller It is to be noted that Rs.33,50,000 has been paid by A to C already. However, A and B shall contribute the balance amount of Rs.16,00,000 and Rs.8,00,000 respectively. What should be the exact sequence/number of TDS Forms and ratio of TDS amount to be entered while paying TDS? [On behalf of my Father-in-Law]
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See one buyer can deposit TDs of 57500 and can deposit for seller and in that form 26Q there is option of adding +1 buyer and +1 seller then accordingly it can be in the ITR returns.
After form 26 is filed and deposited after complete consideration is paid it will take 2-3, days to download the form 16 from traces website that is TDs certificate.
The Buyer of the property (deductor of tax) has to furnish information regarding the transaction online on the TIN website i.e. www.tin-nsdl.com. After successfully providing details of transaction deductor can:
2) The online form available on the TIN website for furnishing information regarding TDS on property is termed as Form 26QB
3) As per the CBDT notification no. 30/2016 dated April 29, 2016, the due date of payment of TDS on transfer of immovable property has been extended to thirty days (from existing seven days) from the end of the month in which the deduction is made.
Both can pay the individual tds on the said consideration and claim if applicable in their returns
A and B need to pay tax on capital gains in the ratio of ownership.
TDS is deducted at 20%. PAN of the buyer is also mandatory. TDS is deducted at the time of payment or at the time of giving credit to the seller, whichever is earlier.
This TDS has to be deposited along with Form 26QB within 30 days from the end of the month in which TDS was deducted.
After depositing TDS to the government, the buyer is required to furnish the TDS certificate to the seller. This is available around 10-15 days after depositing the TDS.
The buyer is required to obtain Form 16Band issues this TDS certificate – Form-16B to seller.
You have to 1% TDS on total sale amount. You are liable to deduct, should have deducted in advance payment, Well, can deduct in next payment.
Collect the Permanent Account Number (PAN) of the Seller and verify the same with the Original PAN card.PAN of seller as well as Purchaser should be mandatorily furnished in the online Form for furnishing information regarding the sale transaction.
From June 1st 2013, when a buyer buys immovable property (i.e. a building or part of a building or any land other than agricultural land) costing more than Rs 50lakhs, he has to deduct TDS when he pays the seller. This has been laid out in Section 194-IA of the Income Tax Act.
Normally in case of Joint Property Purchase, only 1 buyer deduct and deposit TDS u/s 194IA
that each buyer has to deduct & TDS separately and deposit in proportion of ownership in property. In case of Joint Purchase i.e. 2 buyers and 2 sellers. For each installment, each buyer will submit 2 challans i.e. one each for each seller.
Dear Client
Both the buyers can deduct TDS as per their share in the property.
And the TDS would be charged at 1% of total sales consideration if the property value is more than 50 lakhs. For that PAN card of all the sellers and Buyers are mandatory.
But if the seller doesn't provide his PAN card TDS would be deducted at rate of 20% on sale consideration.
For TDS online form is available on the TIN website for furnishing information regarding TDS on property and it is termed as Form 26QB
