Tds on purchase of one property and 3 different sellers

200/- per day penalty for late filing and interest @ 1% 

late fees to be paid for TDS is determined on the basis of amount and not on the basis of no. of parties to transaction

againt credit of amount paid as late fees or interest is not transfered to parties, so no question to consider no. of parties

follow regular provisions governing TDS payments and returns

 

When we are deducting TDS for 3 different parties, 3 26QB should be generated. So I wanted to know whether late fee should be paid in one return or three returns?

 

Originally posted by : Nipendra saini
	When we are deducting TDS for 3 different parties, 3 26QB should be generated. So I wanted to know whether late fee should be paid in one return or three returns?

1 return

So we should pay the whole Penalty in one return of any party? 

Originally posted by : Nipendra saini
	So we should pay the whole Penalty in one return of any party?

Yes

And for the other two parties regular return to be filed??

See, if there are more than One Owner (i.e. Co-owners) exist then if Aggregate Property value exceeds Rs. 50lakhs then TDS u/s 194-IA shall be deducted for payment to each co-owner. Example- If Property value Rs. 55 lakhs and there are 2 Co-owners then TDS shall be deducted on 27.5 Lakhs for each co-owner in different 26QB.

Now, Coming to section 234E If your TDS return is filed late then there is a mandatory late fee of Rs. 200 per day upto max. of TDS amount.
Now as there are more than 1 return then 234E shall be applied for all return and late fee shall be levied for each return.

Agree With Nitesh as we have to generate 3 Form 16B certificates for 3 different people and fill three different 26QB challan. The TDS shall be deposited with 30 days of making the payment or else there would be Interest for Late Deduction  and late deposit of TDS alongwith Late Fee U/s 234E @ Rs 200 for default in furnishing the Return.

Thank You,

Sachin C