Hi
One of my friends is buying a property from an NRI and he also have the TAN number, in this case there are 2 buyers and 2 sellers so how many form 26QBs are to be filed?? and what is the time limit for depositing the TDS?? Someone please enlighten me
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Regarding form 26QB
Replies (2)
If you are buying property from NRI. the question of form 26QB, doesn't arise.
You need to deduct TDS as per sec. 195 of IT act.
Form 26QB is available on the TIN website and is used to furnish information in regards to TDS on property. The deductions come under Section 194-IA of the Income Tax Act. The last date for the payment of TDS is thirty days from the date the immovable property was transferred.
The Form 26QB challan has to be filled by each buyer for every unique buyer-seller combination for their respective share. For example, in the case of one buyer and two sellers, two forms have to be filled in. Similarly, if there are two buyers and two sellers, then four forms will have to be filled in
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