Tds on immovable property under section 194ia
This query is : Resolved
15 June 2015
One of our client has purchased a Commercial
Land whose purchase consideration exceeds Rs.5100000/- in joint names.hence the above TDS provision is applicable.Accordingly the each Buyer has to deduct TDS @ 1% on purchase Consideration according to their proportion & same has to be deposited in to within stipulated time period as prescribed therein & following the prescribed procedure for online submission of Information in Form 26QB & TDS Certificate 16B accordingly.
Now query is as under
i) Purchase Consideration Rs.51,00,000/-
ii)There are four Buyers having Specified joint shares are 50%,16.67%,16.67%& 16.66% respectively.Accordingly they have to pay Rs.2550000/-,Rs.850170/-,Rs.850170/- & Rs.849660/- respectively to seller by way of Cheque after deducting TDS % 1%.
iii) However each Buyer has paid Rs.2550000/-,Rs.547105/-,Rs.1500000/- & Rs.502895/-respectively actually to seller.
iv) TDS was deducted by first Buyer Rs.25500/- & by fourth Buyer Rs.25500/- i.e. they have paid net of TDS of said amount.
v) Who is going to remit TDS amount on which amount i.e. whether on actual amount paid or according to their proportion as secified in sale deed by way of filing Form 26QB online information submission & remittance of TDS amount.
Please reply at the earliest.
Moreover whether late fee under 234E along with Interest is mandatory to be paid with TDS amount or not.
Land whose purchase consideration exceeds Rs.5100000/- in joint names.hence the above TDS provision is applicable.Accordingly the each Buyer has to deduct TDS @ 1% on purchase Consideration according to their proportion & same has to be deposited in to within stipulated time period as prescribed therein & following the prescribed procedure for online submission of Information in Form 26QB & TDS Certificate 16B accordingly.
Now query is as under
i) Purchase Consideration Rs.51,00,000/-
ii)There are four Buyers having Specified joint shares are 50%,16.67%,16.67%& 16.66% respectively.Accordingly they have to pay Rs.2550000/-,Rs.850170/-,Rs.850170/- & Rs.849660/- respectively to seller by way of Cheque after deducting TDS % 1%.
iii) However each Buyer has paid Rs.2550000/-,Rs.547105/-,Rs.1500000/- & Rs.502895/-respectively actually to seller.
iv) TDS was deducted by first Buyer Rs.25500/- & by fourth Buyer Rs.25500/- i.e. they have paid net of TDS of said amount.
v) Who is going to remit TDS amount on which amount i.e. whether on actual amount paid or according to their proportion as secified in sale deed by way of filing Form 26QB online information submission & remittance of TDS amount.
Please reply at the earliest.
Moreover whether late fee under 234E along with Interest is mandatory to be paid with TDS amount or not.
15 June 2015
YOU HAVE TO FILE AMOUBNT ACCORIDNG TO THE SHARE AMOUNT PAID BY THE BUYER OTHERWISE BAL. DEMAND WILL RAISED BY THE DEPTT. AND ALSO INTT WILL BE PAID @ 1.5% PER PM
15 June 2015
Remit TDS to their proportion mentioned in the sale deed by way of filing form 26QB.
Late fee u/s 234E and interest is mandatory to be paid with TDS amount.
Late fee u/s 234E and interest is mandatory to be paid with TDS amount.
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