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Form 26qb tds deduction query

Others 402 views 1 replies

Hi Sir/mam,

I have just purchased a property few days back and have query around the "Total Value of Consideration (Property Value)" field that needs to be filled in the Form 26QB.

Here is my purchase scenario:

1. The property is part of the complex built and sold by a builder. So, builder is the original owner of the property. Herein called as Builder in further discussion below.

2. Builder sold the a flat (property into consideration) in the above mentioned complex to a person called as Seller. Seller purchased the flat few years back on construction linked plan in 70 lacs. He has paid 60 lacs to the builder as of now and 10 lacs is still pending.

3. I am the buyer of the property and I have bought the property in the same price as Seller bought from builder few years back. So, I paid 60 lacs to the Seller and 10 lac is to be paid to the builder when the builder demands the same (in next few months).

 Now, as I have paid 60 lac to the seller, I need to pay 60 thousand as TDS against the PAN number of the seller. Also when I pay the remaining 10 lac to the Builder, I will have to pay 10 thousand as TDS against the PAN number of the builder.

I understand that I will have to fill the TDS form twice - once for seller's TDS and second time for builder's TDS. But what is the value that I need to fill in "Total Value of Consideration (Property Value)"?

I can think of two ways:

1. Fill the  "Total Value of Consideration (Property Value)" as 70 lac and select installment option. In first installment, I enter seller's PAN. In second installment, I enter Builder's Pan.   

2. I the first TDS form, I enter the  "Total Value of Consideration (Property Value)" as 60 lac and enter the PAN of Seller. In the second TDS form, I enter  "Total Value of Consideration (Property Value)"  as 10 lac and enter the PAN of builder.

Which of the above ways is correct? 

Thanks.

Replies (1)

Fill the  "Total Value of Consideration (Property Value)" as 70 lac and select installment option."
 


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