- Value as per sale deed
Regarding TDS
While online 26QB submission, total property value means = (total consideration of apartment + total extra charges ) or only total consideration of apartment? please help.
Asked 4 years ago in Property Tax
Actually as per sale agreement not sale deed, my apartment value = 5990472 and Extra cost including GST and Legal charges comes = 359312. Then what will be the property value? Also, I have already paid TDS 1% showing property value 5990472 and also got 16B which has already been handed over to seller. Is it wrong ? If so how can i rectify ? please help
Asked 4 years ago
How much you have paid to the seller?
Hi
The total value shall be the value of consideration paid to the seller excluding GST.
TDS has to be deducted on payment made to the seller. However, TDS shall not be deducted on GST element.
Seller said to pay 1% TDS on Extra charges like Transformer charge , maintenance charge, Legal charges etc. Is it necessary to pay TDS on extra charges? Also, As per sale agreement legal charges include in Extra charges and Seller said that not to pay 1% TDS for Legal charges. What should i do?
Asked 4 years ago
Please share copy of sale agreement at [deleted]
Hello,
Total Property Value for TDS deduction would be the Total payment made to the seller other than GST.
Regards,
CA Hunny Badlani
TDS should be deducted on extra charges also excluding the GST part.
Then while filling up form 26QB online, there is a option to put total property value...what will be total property value ? Apartment value + Extra charges + GST or Only apartment value + extra charges ?
Asked 4 years ago
My email id is aroravivek1982@gmail
Hi,
Hope you are doing well !!
The property value should be total consideration of apartment paid to seller as per sales deed.
TDS has to be deducted on total consideration including extra charges except GST.
It is advisable to share the copy of sales deed with us.
My mail id is jpayal.51089@gmail
Yes, TDS has to be deducted on payment of such additional charges.
The total consideration shall be apartment value plus additional charges.
Apartment value + extra charges
As per recent clarification by Income tax department total consideration means amount paid for property or any amount paid which is incidental to purchase/ integral part of agreement.
Hope you find the information helpful if you do please rate it 5 and provide your valuable feedback for my improvement.
Thank you.
You have done it right as no TDS need to be deducted on GST value and legal fees is not integral part of consideration.
Extra charges would be included if its part of your agreement and needs to be paid.
You can file second form 26QB for such amount.
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