Tds on sale of property
Querist : Anonymous
I am buying a residential flat jointly. Cost of Flat is 75 Lacs. The ownership of the flat is also in joint name. Pl.explain how the TDS is to be deducted? There is confusion since there are two buyers and two sellers, I came to know that both the buyers has to deducted TDS from each sellers and accordingly four forms have to be filled in for respective property shares.
As per agreement I am about to pay Rs.14.25 Lacs 1st installment after deducting 75,000/- TDS ( 1% of 75 Lacs) before registering agreement and balance after 45 days of registration. But I have to provide TDS challan/Receipt to seller at the time of balance payment.
Now problem is how the four challans is to be filled in i.e amount paid/credited and tax deposited in challan by each buyer in respert of each seller.
Pl. guide me urgently.
you pay 50 lacs then you both deduct Lacs 12.5 by you both for the each seller. mean you have to file 4nos 26QB form for that payment.
Querist : Anonymous
1) file 26QB for two for 6.25 each seller
second buyer also the same file two 26QB.
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