Saksham Sachdeva (48 Points)
06 October 2023Suppose there is a property transaction.
Consideration amount - 50 Lakhs
TDS - 50,000
There are two buyers and one seller. Two form 26QB needs to be filled in that case from both of the buyers end and both the buyers needs to pay 25,000 TDS each.
Then, what will be the consideration price on each form 26QB? Whether it will be 25 Lakhs each or 50 Lakhs will be filled in both of the form?
Radhey Shyam Jha
(Student)
(1621 Points)
Replied 07 October 2023
sabyasachi mukherjee
(27825 Points)
Replied 07 October 2023
Saksham Sachdeva
(48 Points)
Replied 08 October 2023
Hi Radhey,
Thank you for the reply. Yes I understand that the Section 194-IA will be applicable in the example described by you. I just want to know that,
As two form 26QB will be filled from respective buyers, then what amount will be filled in the consideration amount field, full in both or half-half in both?
Suresh Kumar
(Account)
(408 Points)
Replied 08 October 2023
Full amount Rs. 50 lakhs has to show. There is option i.e. Share in property= 50%
sabyasachi mukherjee
(27825 Points)
Replied 09 October 2023
BIPINRAJ
(ACCOUNTANT)
(28 Points)
Replied 10 October 2023
There is no such percentage option in form 26QB I think. You have to show the respective share value as the total value of consideration. Ie. if the total value of property is 50 Lakh you may show the property value as 25 Lakh each if they hold equal share.
CAclubindia
