T.D.S. on payment of purchase property

TDS 283 views 10 replies

Bharatkumar

Individual

124 Points Joined January 2017

Sir,

I have purchased one property (buyer)of Rs 1,45,00,000/- but sellers are 4 members, (Consideration) one seller is 5500000 second seller is 65,00,000 third seller is 15,00,000 and fourth seller is 10,00,000. In this connection should I am liable to do TDS from the payment to third or fourth seller?, because third or fourth seller are getting below Rs.50 Lacs amount.

And how to mention seller details in Form No.26QB?,because there are more than 01 members as a seller.

Thanks.

Replies (10)

rama krishnan

12244 Points Joined May 2017

Whether their share in the property is clearly spelt in the sale deed? on plain reading of the section, tds is not required but however in my opinion, it's safer to deduct TDS for 3rd and 4th share holders also.

Bharatkumar

Individual

124 Points Joined January 2017

Thank you very much for reply,

Share of joint members are clearly mention in sale deed.

And can you guide me about Form No.26QB ?

How to mention more than 01 member in Form No.26QB? Because in form there is only 01 colum for seller party.

Thanks.

shaikh muhammed firoz

doing ipcc Read more at: http://www.cac

59 Points Joined April 2015

It is clearly mentioned under the Act, as per section 194 IA No TDS, if the immovable property is owned by two or more individuals, the value of whose individual share is less than 50 lakhs.
No need to deduct TDS for 3 n 4..