Hi,
My query has few questions regarding Form 26 QB and TDS on Sale of Property.
In this case there is Single Buyer and Single seller. (No Joint Holding).
Property is Resale property. Total consideration of Property - 75L (including stamp duty 3L). Stamp Duty Value - 74L. Date of Agreement - 7th July.
Payments are to be made in 6 unequal installments in month of July. (2 advance payments already done - 1st July & 3rd July - 10L each). Three other payments of 10L each to be made in July itself. The last payment of 25L would be made after possession, which is also in July.
My Questions are -
1. TDS is to be deducted on 75L or 72L(75L - 3LStamp Duty)?
2. Payments made on 1st and 3rd July were made without deducting TDS (i.e. 10L each). Can I deduct TDS in the upcoming payments for the same?.
3. Since this is a resale of flat, there is no booking date. In Form 26QB, What should be the "Date of Booking / Date of Agreement"?.
4. As per other threads on this forum, a single form 26QB can be filed if all the installments are made in same month. In that case what should be the date of deduction of TDS?.
5. For a single 26QB, lumspum would have to be selected. Is it correct if I enter date of agreement as 7th July, Date of TDS deduction as 1st July, also date of payment as 1st July.? Can the date of Tds deduction be before agreement date?
Any other suggestions are welcome...
Thanks in advance...