Partnership Firm had purchase a land having sale deed agreement of Rs. 97,20,000 registered dated on 17th February 2014. Firm has not deduced TDS till date under section 194IA. Since Part payment of Rs. 21,00,000 has been paid before 1st June 2013 and rest amount of Rs. 76,20,000 has been paid after 1st June. And there are 8 seller of (i.e 2 are minor, 6 are adult) of which 1 adult and 2 minor have not having PAN.
1. Please tell me is TDS is Deducted on full consideration i.e. 97,20,000 or part amount i.e. 76,20,000.
2. TDS to be deducted on which name seller (i.e 1 seller or all 8 seller) and how much TDS is to be deducted i.e. 1% who has PAN or 20% who not having PAN.
3. How much interest rate is applicable i.e. 1% or 1.50% since no TDS to be deducted till date.
4. Adult Seller who has not PAN at time of registration has furnished Form 60 at time of registration.