Form 26 qb

This query is : Resolved

Madhu Babu Tanguturi (Querist)
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17 April 2014 I purchased a property long back at 55,00,000.00 about the three year back and and it is not registered still now but I paid amount Rs.50,00,000.00 before 01.06.2013

Now i am planning to register and pay the remaining amount Rs.5,00,000.00 but problem is as on the today registration value is Rs.80,00,000.

1.On how much i have to deduct the TDS and need to remit to the deparment.

Please send me the basis for reply like under which section.

Nikhil Kaushik

Nikhil Kaushik (Expert)
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17 April 2014 the registration value is immaterial as such. but you are required to pay atleast Rs 30 lakhs to cover the registration value.

in any case, whatever payment is made after 1 June 2013, TDS is to be deducted on the same.

amount paid before 1 June 2013 wont attract tds.

Madhu Babu Tanguturi

Madhu Babu Tanguturi (Querist)
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18 April 2014 Thank you so much sir for your immediate reply

Eventhough property registration value is 80,00,000.00
i have to pay only 55,00,000 because of earlier agreement.Now my liability is only Rs.5,00,000.
Please tell me on how much i have to deduct TDS either on 5,00,000 or 30,00,000.

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Nikhil Kaushik

Nikhil Kaushik (Expert)
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18 April 2014 Madhu, as far as tax is concerned, you will deduct on Rs 5 lakhs only. but the problem is how will evidence the payment of gap of Rs 25 lakhs?

Madhu Babu Tanguturi

Madhu Babu Tanguturi (Querist)
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18 April 2014 If you see i made an agreement with the seller before 2 years back for Rs.55,00,000.

But know registration value is increased and property value reached Rs.80,00,000.

Is there any problem with the register at the time of registration if i pay on 5 lakh.

If register ask i have to deduct on 55,00,000 how i have to prove it is only on 5 lakh.

Please reply as early as possible.