Tds on immovable property sec 194ia
This query is : Resolved
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.
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.
it is always advisable to deposit taxes under separate form 26QB for each owner and subsequently Form 16B be issued.
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.
you can file separate or combined form 26QB.
15 July 2014
agreed with above suggestions.............................
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