TDS - Form 26QB - Installment - Final payment
This query is : Resolved
20 May 2024
My family is purchasing an under-construction property for which we are deducting TDS in every installment (be it self contribution or home loan disbursement).
The TDS deduction is borne equally. Sale deed has not yet been registered as it is not fully constructed yet. Sale agreement has been registered.
For one of us, this is the last TDS Deduction. So while filing 26QB, I am selecting Installment (not Lumpsum) as always
And instead of 'No' against 'Final instalment' question, this time I am selecting Yes
However, then
1. It is asking for stamp duty consideration. I have mentioned the same as the consideration amount, for the individual.
Is this correct? There should not be any change in the amount for us .
2. Now the issue is, that the amount under consideration on which TDS is to be deducted is not showing up as the amount that I had mentioned against ' Currently paid' but it is taking the total stamp duty consideration. Hence since it is taking the total amount, accordingly automatically full TDS amount is coming (which would have come if I had selected Lumpsum payment)
Why is that? Just like previous installments, I need the system to take that installment amount under consideration only, so that 1% TDS on that gets reflected.
Is it because I am selecting the final instalment as Yes?
What is the procedure for filing the information in this case?
I have not faced this issue earlier when I am selecting Not final installment.
Kindly assist me. Let me know if any further information is required from me which can assist you in answering the query.
Many thanks.
The TDS deduction is borne equally. Sale deed has not yet been registered as it is not fully constructed yet. Sale agreement has been registered.
For one of us, this is the last TDS Deduction. So while filing 26QB, I am selecting Installment (not Lumpsum) as always
And instead of 'No' against 'Final instalment' question, this time I am selecting Yes
However, then
1. It is asking for stamp duty consideration. I have mentioned the same as the consideration amount, for the individual.
Is this correct? There should not be any change in the amount for us .
2. Now the issue is, that the amount under consideration on which TDS is to be deducted is not showing up as the amount that I had mentioned against ' Currently paid' but it is taking the total stamp duty consideration. Hence since it is taking the total amount, accordingly automatically full TDS amount is coming (which would have come if I had selected Lumpsum payment)
Why is that? Just like previous installments, I need the system to take that installment amount under consideration only, so that 1% TDS on that gets reflected.
Is it because I am selecting the final instalment as Yes?
What is the procedure for filing the information in this case?
I have not faced this issue earlier when I am selecting Not final installment.
Kindly assist me. Let me know if any further information is required from me which can assist you in answering the query.
Many thanks.
21 May 2024
It seems you are filling the stamp duty value as total value, and not as per the final installment.
21 May 2024
What should be the stamp duty value
So total I am filing total value of property, amount paid in previous installments (like previous installments) and stamp duty value (additional one) .
It was mentioned in the form that the stamp duty value and the total amount under consideration for the property should match (can have slight deviation).
So total I am filing total value of property, amount paid in previous installments (like previous installments) and stamp duty value (additional one) .
It was mentioned in the form that the stamp duty value and the total amount under consideration for the property should match (can have slight deviation).
21 May 2024
Even for final installment, the stamp duty value would be equal to or less than the said installment.
22 May 2024
So suppose for Mr A, if the final instalment is 5 lakhs, so he will enter that amount in both 'Amount paid currently' as well as 'Stamp Duty ' (equal to or less).
And then the system automatically calculate TDS as 1% of 5 lakhs. Is my understanding Correct?
Anything else to consider while paying final installment. TDS.
And then the system automatically calculate TDS as 1% of 5 lakhs. Is my understanding Correct?
Anything else to consider while paying final installment. TDS.
22 May 2024
1. Correct.
2. Total stamp duty declared in all the installments should be actual to actual as per governmental declared value.
2. Total stamp duty declared in all the installments should be actual to actual as per governmental declared value.
05 September 2024
Good Luck.
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