Form 26qb

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I HAVE PURCHASED A PROPERTY OF RS. 90,00,000/- (NINETY LAKHS ONLY)

WE ARE THREE PARTNERS AND EACH PARTNER IS CONTRIBUTING RS. 30,00,000/-(THIRTY LAKHS ONLY)

DO I NEED TO DEDUCT 1% TDS OF THE SELLER?

IF YES, CAN I DEDUCT FROM ONLY ONE PERSON THE WHOLE AMOUNT  OF TDS  RS. 90,000/- OR  I HAVE TO FILE THREE DIFFERENT FORM 26QB OF RS. 30,000/- EACH?

PLEASE SUGGEST!!!

THANKS!

Replies (1)
Hi, in the given case total consideration is more than 50lacs hence you are liable to deduct tax @ 1%. now since there are three buyers, each one of them should file form 26QB separately. hence you should deduct tax @ 1% of your share of the consideration, that is 30000 (1% of 3000000)

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