The circle rate is 8000000 and the consideration is 7300000 and the agreement also state the same.
Please tell me that in the form 26qb there is a column of total value of consideration, what will come in that and also tds to be diducted on which amount
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tax on purchase of property above 50 lacks
Replies (4)
1. As a precaution, the agreement value should not be less than 95% of circle rate. Because the capital gains would be calculated over circle rate (for saller), while purchaser will have to pay tax over the difference amount.
2. In Form 26QB, the sale consideration will be as per agreement value.
So in the total value of the consideration column I will have it will be 80lacs and in payment column it will be 7300000 and the TDS will be 73000
If your agreement value is 73 lakhs, the total value of consideration will be 73 lakhs only.
But the payment may not be whole at a time....... it can be in some installments.... as such payment value will differ for each, and thus for each payment 1% TDS will be deducted.
Take 73laks in form 26qb and proceed
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