Property purchase TDS | Form 26QB

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Rahul (Querist)
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25 June 2022 Hi,

I have done agreement to sell with the seller for a property in noida (for 58,50,000 rupees) on 24 May, 2022. I paid 10% (58,500) on the same day via cheque. Then I paid another amount of 9% to seller on 18 June,2022. I have applied for home loan and disbursement will take time so we will be doing registry in first week on July. Now my question is:

1. The circle rate of property is 61 lakhs more than the agreement value. So, 1% TDS will be on circle rate or the agreement value?
2. How should I deduct and pay TDS in my case?
3. Do I need to fill 3 26QB form (2 for previous payment and one that will be done a day before registry)?
4. What should I fill in form 26QB for fields for each of the 3 forms: "Date of Payment/Credit", "Date of Tax Deduction" and "AMOUNT PAID/CREDITED "?

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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25 June 2022 1 TDS applicable on circle rate.
2 Deduct 1% on the date of each payment and pay TDS through 26qb.
3 Yes 3 26qb required.
4 Fill the actual date of payment. Fill the same date for tax deduction.

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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08 July 2022 I would differ on the TDS deduction valuation. As it is within 10% difference, the TDS should be deducted over 58.50L, i.e. sale deed value.

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