Tds on property u/s 194 ia

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

09 June 2014 Experts I have a query on TDS u/s 194IA on Property Sale.

1. TDS has to be deducted at 1% on Sale Consideration.

2. TDS has to be deposited to Government and TDS Challan has to be given to seller.

3. The payment is to be made in Form 26QB.

4. In case of joint owners (sellers) and one buyer , 2 Form 26QB need to be issued.

Now the following is the case study:-

1. Property is jointly owner by Husband and wife . The share of individual is not mentioned in the agreement.

2. The Buyer is individual.

3. Sale consideration is Rs.60 Lakhs. (20 L to be paid by individual own contribution) and 40 L through Bank Loan)

4. The entire payment is made only to one seller i.e. Husband.

5. Now if the Form 26QB is to be given to both the owners, then what amount should be filled in Tax Deposit Details in Form 26QB when the form is given to wife. Since no payment is made to her, how the same can be tackled.

Please guide

Nikhil Kaushik

Nikhil Kaushik (Expert)
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09 June 2014 in this case, you may deduct TDS against the husband's PAN only. But while filing Form 26QB, do mention that there are multiple owners.

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Querist : Anonymous

Querist : Anonymous (Querist)

10 June 2014 Thanks sir for quick reply.

It means Form 26QB will be issued only to Husband. However in the Form, it should mentioned as Multiple Owners.

Thanks.

Nikhil Kaushik

Nikhil Kaushik (Expert)
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10 June 2014 yes. that is what I mean.

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