Very very imp-tds on 1% property

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

25 April 2017 if individual person has bought flat Rs. 78 lacs . there two seller (brother-sister) and two buyer (husband-wife) as per sales agreement . sales agreement made on 2.03.2017. first payment made on 8th march and second payment made on 2 Apr and remaining two installmentl wil be made (including housing loan amount) in month of may . but seller want TDS certificate form 16B at the time of last payment which will be done in may 2017.

please confirm my understanding

each buyer should deduct 19500 in favour of each seller
there wlll be 4 challan and 4 certificate
FY will be considered 2017-18 .

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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25 April 2017 Your understanding is not according to law since

* each instalment needs filing of form 26QB (4 nos)

* TDS of March 2017 instalment will reflect in form 16B of FY 2016-17

Querist : Anonymous

Querist : Anonymous (Querist)

25 April 2017 buyer is 2 and seller is also 2 and for each installment need to file 4 form ?/

Querist : Anonymous

Querist : Anonymous (Querist)

25 April 2017 as per Act we need to pay tds amount within 30 days of the end of month in which tds deducted. so march 2017 tds i need to pay by 30th apr.

but as per my view seller will show capital gain in year of 2017-2018 instead of 2016-2017

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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23 October 2021 Seller may declare it when the transaction gets completed; but as deductor when you have deducted TDS in March, then the same will get reflected in AY 2017-18 only.