Tds on sale of immovable property

This query is : Resolved

Guest

Guest (Querist)

02 March 2014 Our client has purchased flat in which he and his wife are joint owners and property value is Rs.1 Crore.
But we have filled only one form26QB and total tds @1% is paid in it. Is it correct or if we have 2 fill 2 forms can any one suggest how we can rectify the same . please help as it is urgent

Nikhil Kaushik

Nikhil Kaushik (Expert)
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02 March 2014 ideally you should have filed 2 forms. However, it would still work out fine if you have mentioned int the form that there are multiple buyers.

You wont be able to make any change in the challan with regards to the amount as such.

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Guest

Guest (Querist)

02 March 2014 Yes we have mentioned in Form26QB that multiple buyer & seller as YES (buyer and wife also seller & wife) what about form 16b to be generated??? as only one form26QB is filed with buyer and seller name

Nikhil Kaushik

Nikhil Kaushik (Expert)
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02 March 2014 yes only one form 16B will be generated. but there is little you can do. Given that you have mentioned that there are multiple buyers, you are more or less safe.

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Guest

Guest (Querist)

02 March 2014 Last question will it attract any penalty in future

Pratik

Pratik (Expert)
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03 March 2014 Since, there is no Loss of revenue and it is only a procedural default, hence there should not be a penalty.

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Nikhil Kaushik

Nikhil Kaushik (Expert)
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03 March 2014 agreed with Pratik.

plus given that you have already disclosed that there are multiple buyers, it cannot even be said a case concealment of facts.

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