TDS on purchase of residential Property us 393
This query is : Resolved
Quick Summary
30 April 2026
There is one buyer and two sellers for property sale transaction. consideration is above Rs.50L
1% TDS is deducted by buyer and tds needs to be paid for two sellers
While filling form and paying challan u/s 393 as per new income tax act under the tab details of all deductees(sellers) we filled details of both sellers separately and one challan for entire amount has been generated
My question is after paying challan whether both sellers will get credit for TDS as per their share ?
1% TDS is deducted by buyer and tds needs to be paid for two sellers
While filling form and paying challan u/s 393 as per new income tax act under the tab details of all deductees(sellers) we filled details of both sellers separately and one challan for entire amount has been generated
My question is after paying challan whether both sellers will get credit for TDS as per their share ?
30 April 2026
Yes, both sellers should get credit of TDS, provided the buyer has correctly entered both sellers’ PAN/details and allocated the TDS seller-wise in Form 26QB/challan-cum-statement.
In case of one buyer and two sellers, TDS u/s 194-IA should be deducted and reported according to each seller’s share in the sale consideration. If the sellers’ share is 50:50, the TDS credit should also reflect 50:50 in their respective Form 26AS/AIS.
After challan processing, both sellers should verify Form 26AS/AIS. If credit does not appear correctly or appears fully under one PAN, then Form 26QB correction on TRACES may be required.
In case of one buyer and two sellers, TDS u/s 194-IA should be deducted and reported according to each seller’s share in the sale consideration. If the sellers’ share is 50:50, the TDS credit should also reflect 50:50 in their respective Form 26AS/AIS.
After challan processing, both sellers should verify Form 26AS/AIS. If credit does not appear correctly or appears fully under one PAN, then Form 26QB correction on TRACES may be required.
30 April 2026
File single form 141 for tax year 2026-27 for multiple sellers. File Schedule B: For the transfer of immovable property worth ₹50 lakh or more. Details of all buyers and sellers involved must be reported, along with their respective share percentages in the property.
Further, each buyer is not required to file a separate Form for every seller. Instead:
If there are multiple resident sellers who share the same status (i.e., all are either companies or all are non-companies), the buyer (deductor) needs to file only one Form that collectively includes all such parties for that particular property transaction.
However, if the sellers have different statuses — for example, where some are companies and others are non-companies — the buyer must file separate Forms:
one Form for the company deductees, and
another Form for the non-company deductees.
Deductor gets single receipt for the tax deducted on account of each sellers.
Further, each buyer is not required to file a separate Form for every seller. Instead:
If there are multiple resident sellers who share the same status (i.e., all are either companies or all are non-companies), the buyer (deductor) needs to file only one Form that collectively includes all such parties for that particular property transaction.
However, if the sellers have different statuses — for example, where some are companies and others are non-companies — the buyer must file separate Forms:
one Form for the company deductees, and
another Form for the non-company deductees.
Deductor gets single receipt for the tax deducted on account of each sellers.
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