Tds on property
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
04 December 2015
As per Finance Act, 2013 TDS on property is 1% if property is above 50.00 lakhs.
CASE 1: The property is purchased from an NRI. that means we need to deduct TDS u/s 195 and there's no exhaust limit for this section to deduct TDS. Moreover, TDS will be deducted @ 20%..
Here, the problem is the buyer(resident indian) doesn't have TAN, so to pay Challan No. 281 (TDS u/s 195) we require TAN of the person who is paying TDS.
How should I proceed here.???
CASE 2: The property is purchased from an Indian Resident, the buyer is an NRI.
That means we need to deduct TDS u/s 194-IA and there's an exhaust limit for this section to deduct TDS i.e. 49,99,999/-
Here, the NRI doesn't have PAN the buyer is suppose to deduct TDS @ 20% and he needs to furnish the details in Form 26QB. Correct..??
Here, the challan prompts error that please fill PAN of Buyer. How should I proceed???
THANKS IN ADVANCE.!
CASE 1: The property is purchased from an NRI. that means we need to deduct TDS u/s 195 and there's no exhaust limit for this section to deduct TDS. Moreover, TDS will be deducted @ 20%..
Here, the problem is the buyer(resident indian) doesn't have TAN, so to pay Challan No. 281 (TDS u/s 195) we require TAN of the person who is paying TDS.
How should I proceed here.???
CASE 2: The property is purchased from an Indian Resident, the buyer is an NRI.
That means we need to deduct TDS u/s 194-IA and there's an exhaust limit for this section to deduct TDS i.e. 49,99,999/-
Here, the NRI doesn't have PAN the buyer is suppose to deduct TDS @ 20% and he needs to furnish the details in Form 26QB. Correct..??
Here, the challan prompts error that please fill PAN of Buyer. How should I proceed???
THANKS IN ADVANCE.!
04 December 2015
1 No TAN is required.
2 Apply and Obtain PAN.
2 Apply and Obtain PAN.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Off Market debit and credit transaction
- Itr 1 processing
- Reporting Income under Section 44ADA
- Showing Gift from relative in ITR for this year
- ITR 1: Details for showing Exempt Income
- Short Term Capital gain on shares bought and sold after 2018 onwards
- ITR returnFY25-26
- ITR selection for salaries and capital gain less than L
- Share accounting-->fifo - capital gain - period as per fifo?
- INCOME TAX ON REDEVELOPEMENT OF FLAT
- Gst invoice numbering and delivery challan numbering
- Sales amount in Gstr1
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
