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Tds on immovable property sec 194ia

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(Querist)
29 June 2014 what is threshold limit if property purchased by co owners to deduct tax on immovable property ? whether form 26qb submitted by each owner separately or one form is enough for jointly purchased probably.
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Nikhil Kaushik

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Nikhil Kaushik (Expert)
29 June 2014 the value property is not to be seen separately for each owner but as cumulative. so as long as the value of the property is equal or more than Rs 50,00,000/- 194-ia shall apply, irrespective of number of owners.

it is always advisable to deposit taxes under separate form 26QB for each owner and subsequently Form 16B be issued.
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Rupesh Jain

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Rupesh Jain (Expert)
30 June 2014 if the property value exceeds Rs. 50 lacas then tds will be dedcutable @ 1% of the total price of purchase property.

you can file separate or combined form 26QB.
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CS,CA F,Numrologi TusharSampat

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CS,CA F,Numrologi TusharSampat (Expert)
15 July 2014 agreed with above suggestions.............................
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