31 July 2016
MY CLIENT HAS PURCHASED FLAT OF RS.5200000 (EXCLUDING SERVICE TAX BUT INCLUDING CAR PARKING SPACE, DEPOSITS MAINTENANCE & OTHER CHARGES) IN F.Y.2016-17 FROM JOY VILLE BUILDERS.TOTAL COST OF THE FLAT INCLUDING SERVICE TAX ,MAINTENANCE,DEPOSITS,ETC IS RS.5400822. HE GAVE THE CHEQUE OF FIRST INSTALLMENT OF RS.243587.00 AFTER DEDUCTING TDS 1% OF RS. 2460 AND FILED FORM 26 QB.WHEN THE SECOND INSTALLMENT BECOME DUE JOY VILLE BUILDERS TOLD MY CLIENT THAT THE COST GIVEN OF RS.5200000 WAS INCLUDING DEPOSITS & OTHER CHARGES.AS PER SECTION 194IA MAINTENANCE , DEPOSITS & OTHER CHARES(I.E.RS.300000) WILL NOT FORM PART OF CONSIDERATION. YOUR CONDIDERATION PART IS RS.4900000.00 (EXCLUDING SERVICE TAX,MAINTENACE,DEPOSITS ) AND YOU WILL NOT HAVE TO DEDUCT TDS IN FUTURE INSTALLMENT.
MY QUESTION IS- 1)WHAT WILL BE THE TOTAL PROPERTY VALUE OF THE PURCHASED FLAT ? 2)PROPERTY VALUE FILLED BY CLIENT IN FORM 26QB RS.5200000.HE HAS NOT INCLUDED SERVICE TAX AMOUNT AS PART OF CONSIDERATION.WHETHER HE IS RIGHT OR HE HAS TO CORRECT FORM 26QB? 3)FOR THE 2ND INSTALLMENT WHETHER HE HAS TO DEDUCT TDS OR NOT?IF YES,WHAT WILL BE THE PROPERTY VALUE OF CONSIDERATION WHEN HE WILL FILL UP THE FORM 26QB FOR THE NEXT TIME? 4)WHETHER TDS WILL BE DEDUCTED INCLUDING SERVICE TAX OR EXCLUDING SERVICE TAX?
PLZ GIVE ME THE REPLY AS IT IS VERY URGENT MAIL-ID-vishalmodi89@yahoo.com
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