Tds-194ia

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Rahul (Querist)
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21 April 2014 Dear sir, could you please elobarate how would provisions of 194ia attract in following situation. property jointly purchased by 3 persons from a single buyer for a consideration say 1 Cr. Of the three buyers payments/advance installments have been made by 2 buyers in month of March 2014 but not TDs was deducted then. the balance was paid in April & the registration of the property was also done in April 2014. now following queries arise. 1. Were the two buyers liable to deduct TDS in March 14? If yes, what can be done now. 2.What would be the assessment year to be selected in form 26qb while filing TDs details for advance paid in 2014March. will it be 2014-15 or 2015-16 as the agreement is in April 2014. 3. is a separate form 26qb is to be filled for all three buyers or a single will do? kindly address the above query

Nikhil Kaushik

Nikhil Kaushik (Expert)
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21 April 2014 1. yes they were supposed to deduct tds

2. they can deposit now along with interest

3. AY should be (for payment made in March) AY 2014-15.

4. it is advisable to file separate Form 26QB.

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