TDS as buyer of property
This query is : Resolved
Quick Summary
25 June 2024
I purchased a property in India for which I submitted TDS via "e-Pay Tax" on income tax website in Jan 2024.
(Challan-cum-statement of deduction of tax under section 194-IA (Form 26QB))
1) Is that the same as "TDS Return"?
On some websites I read that "TDS Return" needs to be filed for those deducting TDS.
2) Is that any other step I need to perform as a buyer?
3) Is there anything I need to mention in the Income Tax Return that I file? I'm assuming that the seller needs to put in the TDS details in their ITR, and I don't need to mention it in my ITR.
My Form 26AS, shows the TDS Entry under "PART-VIII-Details of Tax Deducted at Source u/s 194IA/ 194IB /194M/194S (For Buyer/Tenant of Property /Person making payment to contractors or Professionals / Buyer of Virtual Digital Asset)"
Thanks.
(Challan-cum-statement of deduction of tax under section 194-IA (Form 26QB))
1) Is that the same as "TDS Return"?
On some websites I read that "TDS Return" needs to be filed for those deducting TDS.
2) Is that any other step I need to perform as a buyer?
3) Is there anything I need to mention in the Income Tax Return that I file? I'm assuming that the seller needs to put in the TDS details in their ITR, and I don't need to mention it in my ITR.
My Form 26AS, shows the TDS Entry under "PART-VIII-Details of Tax Deducted at Source u/s 194IA/ 194IB /194M/194S (For Buyer/Tenant of Property /Person making payment to contractors or Professionals / Buyer of Virtual Digital Asset)"
Thanks.
Dhirajlal Rambhia
(Expert)
25 June 2024
1. Yes. Applicable when property purchased from Resident Indian. In this case no separate TDS return needs to be filed.
2. No other compliance, except you needed to download form 16B, & issued it to seller. But now the time period over.
3. No. you need not mention it in your ITR unless you are claiming deduction u/s. 54/54F IT act.
4. Correct. Seller will have to declare it in his/her ITR & pay additional tax liability, if any.
2. No other compliance, except you needed to download form 16B, & issued it to seller. But now the time period over.
3. No. you need not mention it in your ITR unless you are claiming deduction u/s. 54/54F IT act.
4. Correct. Seller will have to declare it in his/her ITR & pay additional tax liability, if any.
Dhirajlal Rambhia
(Expert)
29 August 2024
Good Luck.
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