Return of TDS from property purchase

Save Share

This query is : Resolved

Quick Summary

This discussion clarifies the process for deducting Tax Deducted at Source (TDS) when purchasing property from multiple owners. The primary question is whether a buyer must file 14 separate Form 26QB statements and challans for 14 sellers, or if they can use Form 26Q if they possess a TAN. While Form 26QB is the standard for property transactions, the query explores the possibility of consolidating TDS for all sellers into a single Form 26Q, potentially simplifying the process.

PARAS CHHAJED

PARAS CHHAJED

(Querist)
Follow

07 August 2020 The assessee has purchased an immovable property for Rs.1.36 crore on 2nd July 2020 which was owned by 14 persons jointly. The assessee deducted tax u/s 194IA @0.75%. Please advise whether separate returns in Form 26QB for all 14 sellers and separate challan payment will be mandatory ? If the assessee is allotted TAN then can he file the return in For 26Q within 1 month from end of quarter, or he shall have to compulsorily file Form 26QB only within 30 days from end of the month in which TDS was made i.e. by 30th August 2020. Please advise. Thanks

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
Follow

07 August 2020 14 Form 26 QB has to be generated. No need to file 26Q since 26QB is a challan cum statement.

PARAS CHHAJED

PARAS CHHAJED

(Querist)
Follow

08 August 2020 I do agree that if 26QB is filed then there won't be a need to file 26Q. But my query is if the person hold TAN and if he wishes to file 26Q instead of filing 14 Nos. 26QB can he do so. Since using the return preparation utility it is possible to include TDS on immovable property therein. Therefore, can it be done by filing Form 26Q in preference to Form 26QB as through Form 26Q all the 14 entries may be made in single form and tax may be deposited by single challan? If one files Form 26 Q instead of Form 26QB then would there be any violation of Rules ? Please guide. Thanks

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