Query on form 26qb for multiple installments | section 194ia

This query is : Resolved

Vinod (Querist)
Follow

15 November 2013 Hi

Have a query regarding Section 194IA, for a property sale of value greater than 50L.

If multiple installments are being paid by a buyer to same seller in same month:
1. Is it required to fill multiple returns (Form 26QB)
2. If not, what is the payment/credit date to be mentioned in the return form?

Appreciate help.

Thanks

Nikhil Kaushik

Nikhil Kaushik (Expert)
Follow

16 November 2013 1. You can fill one Form 26QB as long as the payments are within the same month.

2. mention the earliest date in the month to be on the safe side.

Alternatively, you may fill multiple form 26QB.

Message likes : 1 times

Vinod

Vinod (Querist)
Follow

16 November 2013 Thank you Nikhil. That help. I have some related queries though:
1. If I fill multiple form 26QB, are there multiple Form 16B generated, or is it consolidated in one Form 16B for each month?
2. If there is a delay in deducting/depositing TDS, how is the interest computed. Is it from the date of payment, or from the 7th of next month? And, is the interest prorated? i.e. if Payment is made on 29-Oct, and Form 26QB is submitted on 16-Nov, what will be the interest applicable (Installment paid is 10L)

Thanks

Nikhil Kaushik

Nikhil Kaushik (Expert)
Follow

16 November 2013 1. I would be honest that I haven't dealt with a situation wherein multiple payments were made within a month. However, the structure of Form 16B suggest that transactions can be clubbed for a month.

2. interest is calculated from the date when the interest was deductible (day on which payment was made to the seller).

in the case given by you, interest for a month shall be applicable.

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now