T.D.S. on payment of purchase property

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Individual
90 Points Posted on 07 August 2020

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.

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On 07 August 2020 at 17:54 Report
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Quick Summary
This discussion clarifies Tax Deducted at Source (TDS) obligations when purchasing a property from multiple sellers. If each seller's individual share of the sale consideration is less than £50 Lakhs, TDS is generally not required for those specific sellers, even if the total property value exceeds this threshold. However, when filing Form 26QB, separate forms must be submitted for each co-owner.

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5751 Points Posted on 07 August 2020
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.
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On 07 August 2020 at 18:27
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Individual
90 Points Posted on 07 August 2020

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. 

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On 07 August 2020 at 19:55
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doing ipcc Read more at: http://www.cac
34 Points Posted on 07 August 2020
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..
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On 07 August 2020 at 21:03
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Individual
90 Points Posted on 07 August 2020

Thank you very much Sir for your valuable guidance. 

Can you give me guidance about Form No.26QB. How to fill more than 01 person details? Because in Form No.26QB there is only 01 colum. 

Thanks. 

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On 07 August 2020 at 21:31
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Individual
90 Points Posted on 07 August 2020

Thank you very much Sir for your valuable guidance. 

Can you give me guidance about Form No.26QB. How to fill more than 01 person details? Because in Form No.26QB there is only 01 colum. 

Thanks. 

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On 07 August 2020 at 21:31
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Individual
90 Points Posted on 07 August 2020

Thank you very much Sir for your valuable guidance. 

Can you give me guidance about Form No.26QB. How to fill more than 01 person details? Because in Form No.26QB there is only 01 colum. 

Thanks. 

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On 07 August 2020 at 21:32
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doing ipcc Read more at: http://www.cac
34 Points Posted on 07 August 2020
It should be file separately for each co owner
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On 07 August 2020 at 21:34
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Individual
90 Points Posted on 07 August 2020

Thank you very much Sir for your valuable guidance. 

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On 07 August 2020 at 21:36
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Individual
90 Points Posted on 07 August 2020

Thank you very much Sir for your valuable guidance. 

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On 07 August 2020 at 21:37
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5751 Points Posted on 07 August 2020
Attn Mr. SHAIk where in the act it is mentioned no tds when the sellers are more than one? could you please quote relevant provisions
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On 07 August 2020 at 23:28

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