26qb
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
24 April 2016
My client has received notice on 11/04/2016 for non filing of 26QB from traces for the property purchase in FY 2013-14.
Facts : 26QB has already been filed by first holder of property and TDS is duly deducted and paid. But Notice of non filing of 26QB is received in the name of second joint holder.
For eg. Property is purchased in the name of Father and Son, Father has filed 26QB, but notice has been sent to Son for non filing of Return.
Question : Whole 1 % TDS is deposited to the government, Is second holder is required to file 26QB Seperately.
Facts : 26QB has already been filed by first holder of property and TDS is duly deducted and paid. But Notice of non filing of 26QB is received in the name of second joint holder.
For eg. Property is purchased in the name of Father and Son, Father has filed 26QB, but notice has been sent to Son for non filing of Return.
Question : Whole 1 % TDS is deposited to the government, Is second holder is required to file 26QB Seperately.
24 April 2016
Yes, If two buyer than you have to file two Form 26QB.
-Abhishek Ranjan Singh
ARS Solutions
www.arssolutions.co.in
+919022838615
-Abhishek Ranjan Singh
ARS Solutions
www.arssolutions.co.in
+919022838615
Message likes :
4 times
25 April 2016
If property purchase by joint holder both has to pay @1% proportionate to there contribution and have to file 26QB.
25 April 2016
Thankyou Kavi Raj Is there something else which i have replied?
Helpful Articles :.
https://taxguru.in/income-tax/notices-related-tds-immovable-property-purchase.html
https://www.caclubindia.com/articles/understanding-tds-on-purchase-of-immovable-property--26698.asp
Helpful Articles :.
https://taxguru.in/income-tax/notices-related-tds-immovable-property-purchase.html
https://www.caclubindia.com/articles/understanding-tds-on-purchase-of-immovable-property--26698.asp
Message likes :
1 times
25 April 2016
you can check in amount paid by the father, then son can give reply that his father buy the property and make all payment for property and he give nothing for that property. then the notice can waive off.
25 April 2016
Rupesh Jain are you sure about your reply? Have you done it? What about Registration paper and rule? Kindly reply as per rule.
Message likes :
2 times
25 April 2016
One can always rely upon Hindustan Cocacola case, under such circumstances.
Message likes :
1 times
26 April 2016
Mr. Amol can you explain it in details
27 April 2016
If the deductee has made sufficient arrangement of the payment of the taxes, the deductor need not worry about its TDS responsibility. At the most, IT people may demand the INTEREST on the same.
27 April 2016
Not getting you amol, What is the query and what are you posting?
Message likes :
1 times
27 April 2016
It takes some time to realise the crux. Anyway, let me try to explain step by step.
26 qb is for non filing of return of tds
TDS is for : Purchaser to deduct TDS at the time of payment to builder
In case of joint names : where TDS is done by first named person, in toto (meaning in full)
The second named person can always take the shelter of the fact that the TAX has been paid by deductor no1 OR deductee. And hence deductee no2 can be absolved of his responsibility towards 26qb. (This is also known as SUBSTANCE driven answer rather than FORM driven answer) Your views please
26 qb is for non filing of return of tds
TDS is for : Purchaser to deduct TDS at the time of payment to builder
In case of joint names : where TDS is done by first named person, in toto (meaning in full)
The second named person can always take the shelter of the fact that the TAX has been paid by deductor no1 OR deductee. And hence deductee no2 can be absolved of his responsibility towards 26qb. (This is also known as SUBSTANCE driven answer rather than FORM driven answer) Your views please
27 April 2016
As per rule Both should deduct and pay the TDS and file 26QB.
As per my understanding every individual (Individual PAN holder) have own individual responsibility there is no provision for "SHELTER" in Income Tax.
As per my understanding every individual (Individual PAN holder) have own individual responsibility there is no provision for "SHELTER" in Income Tax.
Message likes :
1 times
27 April 2016
ok.
FORM driven view is always welcome. (Both should deduct)
SUBSTANCE driven view may differ. (First named may deduct or both may deduct or ....)
Thank you for sharing your view.
FORM driven view is always welcome. (Both should deduct)
SUBSTANCE driven view may differ. (First named may deduct or both may deduct or ....)
Thank you for sharing your view.
27 April 2016
Helpful Articles :.
https://taxguru.in/income-tax/notices-related-tds-immovable-property-purchase.html
https://www.caclubindia.com/articles/understanding-tds-on-purchase-of-immovable-property--26698.asp
https://taxguru.in/income-tax/notices-related-tds-immovable-property-purchase.html
https://www.caclubindia.com/articles/understanding-tds-on-purchase-of-immovable-property--26698.asp
Message likes :
1 times
27 April 2016
I have gone through the same. It is really nice article by you.
Message likes :
1 times
27 April 2016
Thank you, comments for input awaited in comment box.
27 April 2016
You are most welcome.
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