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Tds for immovable property

khalifa Pasha (Others) (24 Points)

27 June 2015

Dear All,

I am NRI intend to purchase a propoerty and as per governement guideline value, propoerty to be registerd for 80 lakhs and that propoerty is being jointly held by 5 brothers . I am intened to divide the money in to 5 equal part and settle through DD . Do i need to pay TDS as per 194-IA for property owners , if so how can i make mention for 5 persons .

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6 Replies

ujjaishravan (accountant) (212 Points)
Replied 27 June 2015

you have to show the persons, who are going to share the property, in the deed itself. there after you can make 1% of your share in form 26QB (challan cum return) as well as for your brothers also with the appropriate share.

the ink for the challan

https://onlineservices.tin.egov-nsdl.com/etaxnew/tdsnontds.jsp

CA Parth Rajendra Almaula (Chartered Accountant) (85 Points)
Replied 27 June 2015

Yes...

You have to deduct TDS u/s 194-IA...

Deduct TDS @ 1% and amortized the amount equally among 5 person...

Thanks & Regards

Rashi Bajaj (CA) (752 Points)
Replied 27 June 2015

If I understand your question correctly, at present there are 5 co-owners of TDS you are going to be the sole owner?

In that case, you will have to fill Form 26QB five times with 1% amount in case of each co-owner.

i.e. 16,000/- per person.

bharat (Manager ) (28 Points)
Replied 28 June 2015

Dear Sir

I have sold a flat @ 80 lac. actual flat cost was approx 81 lac so . i have incurred a loss of 1 lac .Buyer has dedicted the 1 % TDS ( 80 K) . how i can get refund of this payment . id it mandotry to get form 16B from buyer for above 80 K TDS deduction.

Rashi Bajaj (CA) (752 Points)
Replied 29 June 2015

Bharat,

You can claim TDS credit/refund while filing the return of income. Your TDS will also be reflected in your 26AS form. And yes, you need to get form 16B also.

bharat (Manager ) (28 Points)
Replied 19 July 2015

HI . I have sold a property for 60 Lac . Buyer has deducted the TDS of 60 K & paid me rest of amount . I am checking in my 26 AS then I can see the TDS is deposited by buyer but against TDS deposited in 26 AS " 0 " amount is mentioned . I requested buyer to share the Challan copy & as per that buyer has also deposited the 60 K but instead of paying 60 K as basic tax , he has put the amount in others in net banking portal . now what should I do . I have requested buyer to do amendment but he is not doing . can I file a case or complaint of same to income tax department or consume court