Question on tds on propety sale

Yes you have to deduct TDS 

26QB needs to be filled separately date wise and PAN wise both your and your wife. Assuming sale consideration is more than 50 lakh. 

There will be interest. But no fees from the govt. 

26QB needs to be filled separately date wise and PAN wise both your and your wife. Assuming sale consideration is more than 50 lakh. 

There will be interest. But no fees from the govt. 

26QB needs to be filled separately date wise and PAN wise both your and your wife. Assuming sale consideration is more than 50 lakh. 

There will be interest. But no fees from the govt. 

If you want I can assist you in the same 

There is late filling fees of Rs 200 per day subject to max. Of TDS amount. Earlier by fees I understood you meant govt filling fees. 

Yes it will be reflected in your 26AS. Although Your wife is not having income she needs to file the same of her respective share. 

For assistance regarding interest calculation and TDS return filling my charges will be RS 500 per return 

Feel free to contact in case you require further clarification 

You can deduct TDS now and file 26QB as the title of the property will be transferred in the current year or in future years. If your wife is also owner in the property then 2 forms will be filed separately.

Hi

Tds to be deducted now,seperate form 26QB to be fiilled for you and wife as her PAN is also mentioned there.

Hi,

Now,you and your wife can file form 26QB.

In case of default of non-filing or late filing of Form 26QB, a penal fee is applicable under section 234E of the I-T Act. Rs 200 has to be paid for every day during which such failure continues.

Seperate form 26QB to be fiilled for you and your wife.

So as per section 194IA you need to deduct TDS @1% if the consideration is more than 50lakhs. This needs to be deducted at the time of payment or credit whichever is earlier.

So you clearly need to deduct TDS.

Regarding interest, you need to pay interest @1% per month from the date payment made to the day TDS deducted but upto maximum amount of tax due. So for eg: your first payment was 550000 so the tax due would be 5500 and so interest can be maximum 5500.

Third regarding late filing fees of Rs 200 you don't need to pay that if the seller shows the capital gain and properly pays capital gain tax on same in that case you don't need to pay late filing fees you just need to get a certificate from a CA and submit it to the income tax officer.

You need to make payment of TDS deducted till the 7th of next month.

Hope you find the information helpful if you do please rate it 5 and provide your valuable feedback for my improvement.

Thank you

Dear Sir,

Hope you are doing well !!

• Section 194IA of Income Tax Act, requires a buyer to deduct tax at the rate of 1% of the sale consideration, if the value of the transaction is Rs 50 lakhs or more.

• No Sir, you need to pay the TDS with Interest at the rate of 1% per month or part thereof, for the period from the date on which TDS is deductible/collectible to the date on which TDS/TCS is actually deducted/collected.

• 
   Form 26QB is to be file for one buyer one seller combination. For eg if there are 1 buyer and 2 seller then 2 Form 26QB is to be filed similarly if there are 2 buyers and 2 sellers then 4 Form 26QB is to be filed (2 Forms by each buyer) for each deduction.
  

Thanks & Regards,

Payal Chhajed

Dear Sir,

• Along with the interest penalty is also payable at the rate of Rs. 200 per day for which the default continues. The penalty amount cannot exceed the amount of TDS to be deducted.  And if the default continues for a period of more than one year then additional penalty of Rs. 10,000 to 1,00,000 is to be paid under section 271H. Amount of such penalty is to be calculated by the Assessing officer.

• Yes, she still have to file 26QB

• Fees for assistance can be discuss over call.

Hi

Form 26QB has to be filed separately for you and your wife.

Further, separate Forms have to be filed for each payment made.

Interest shall be chargeable @1 per month or part of month from the month of default,

Also, there would be a late fees of Rs. 200 per day for late filin of Form 26QB. Such late fees shall not exceed the TDS amount.

In addition to these, a penalty could also be levied.

You should mention current date as date of deduction. If you mention date of deduction same as date of payment, then rate of interest shall become 1.5%.

We may help you with the filing. Charges can be discussed over a call.