Tds liability on sale of property

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This query is : Resolved

CA R N SHARMA (Querist)

13 November 2013 SIR,
X is is buyer of property of involving sale consideration of Rs.89 Lakhs. There are 3 sellers having equal share.
Query
1. whether X is liable to deduct TDS?

2. If yes will he file 3 26QB seperatly for each seller as in form 26QB details of one seller can be filled?

Kindly resolve the issue.

CA.Shubhneet Kaur

CA.Shubhneet Kaur (Expert)

13 November 2013 TDS is to be deducted by the buyer irrespective of no. of sellers in transaction. He has to deduct the TDS on respective share of sellers in the property and yes three separate forms(26QB)to be filed.

Nikhil Kaushik

Nikhil Kaushik (Expert)

13 November 2013 agreed with Shubneet.

"Online statement cum challan Form/ Form 26QB is to be filled in by each buyer for unique buyer-seller combination for respective share. E.g. in case of one buyer and two sellers, two forms have to be filled in and for two buyers and two seller, four forms have to be filled in for respective property shares."

https://www.tin-nsdl.com/TDS/TDS-FAQ.php

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