REGARDING PROPERTY TDS

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This discussion clarifies how to handle Tax Deducted at Source (TDS) when making a single, lump sum payment for property acquisition. It confirms that for Form 26QB, the 'Lump Sum' payment type is preferable. Crucially, TDS is calculated on the entire property value, not just the amount exceeding £50 lakh. Therefore, if you pay £54 lakh, TDS applies to the full £54 lakh.

Suresh S. Tejwani

Suresh S. Tejwani (Querist)
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17 December 2024 IF I MADE SINGLE PAYMENT FOR AQUISITION THEN IN FORM 26QB WHICH PAYMENT TYPE IS PREFERABLE..??

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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17 December 2024 Lump Sum.

Suresh S. Tejwani

Suresh S. Tejwani (Querist)
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17 December 2024 FOR ABOVE QUESTION TDS IS DEDUCTED ON VALUE EXCEEDING 50 LAKH OR ON TOTAL VALUE?
IF 54 LAKH IS PAID THEN WHETHER ON 4 LAKH OR FULL 54 LAKH?

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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17 December 2024 Over total consideration. Here on Rs. 54 lakhs.

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