1. Yes
2. Yes, 4 26QB forms
TDS on property sale query
I am buying a property for more than 50L jointly with my wife. Now this property transaction involves 2 Buyers and 2 sellers. So ideally there should be 4 number of 26QB forms submitted, each with unique buyer seller combination. 1. Should be the property price mentioned be X/4 (if X is the sale consideration) in every form and 1% tds calculated on X/4 amount? 2. Since my wife is not earning, but a co-owner, and I will be paying the full property cost, does she at all needs to submit 26QB? Which means can it be 2 26QB submissions?
Asked 4 years ago in Property Tax
1. Yes
2. If you are making payment you can deduct TDS only in your name but it is advisable to make TDS on both names.
Hope you find the information helpful if you do please rate it 5 and provide your valuable feedback for my improvement.
Thank you
Follow-up question: For resale property, Date of Payment/Credit* (Date of Payment to the Transferor/Seller) in Form26QB is sale agreement date or sale deed registration date? Should the buyer pay TDS before or after sale deed registration?
Asked 4 years ago
Hi
If you're making entire payments, there would be only two form 26QB - Seller 1 and 2.
TDS provisions are applicable on payment basis.
If you're making payment before agreement execution, the actual date of payment has to be considered.
TDS has to be deposited in form 26QB within 30 days from the end of the month in which payment was made.
Hi,
Hope you are doing well !!
1.Yes.
2.Yes, your understanding is correct.
Hello,
1. Yes.
2. If you will be making payment of the full property cost, then only 2 26QB forms will be filed.
I hope that this answer satisfies your requirements.
Regards,
CA Hunny Badlani
The date of payment/credit in Form 26QB would be the actual date of payment of consideration to the seller as per the sale deed/agreement.
If any payment is made before sale deed registration date then that date for that amount otherwise sale deed date.
Ask a Chartered Accountant
Get tax answers from top-rated CAs in 1 hour. It's quick, easy, and anonymous!
Ask a CA