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Form 26qb

TDS 213 views 1 replies

Imran Hingora

Learner

248 Points Joined September 2011

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)

Sandeep Sankaran

Chartered Accountant

128 Points Joined August 2009

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)