Tds on sale of property with two sellers and one buyers rea

How will transactions of joint parties (more than one buyer/seller) be filed in Form 26QB?

Online statement cum challan Form/ Form 26QB is to be filled in by each buyer for unique buyer-seller combination for respective share.

E.g. in case of one buyer and two sellers, two forms have to be filled in

and for two buyers and two seller, four forms have to be filled in for respective property shares.

It asks if there are more than one seller. I need to fill up "Yes". Am I right?

RIGHT

It asks for type of payment (lumpsum or installments). I need to fill up "Installments". Am I right?

RIGHT

Then there is section which asks for "Amout Paid/Credited to Seller". I am confused what should I fill up here. Should I fill up 50% of actual consideration value here and then fill up 1% TDS on that value?

INSTALMENT AMOUNT TO SINGLE SELLER (FOR WHICH 1% amount TDS to be deducted)

And finally should I do the same while filling up second 26QB form?

Correct

Good Luck.......
 

Hi Sir,

Thanks for your reply. My query is a bit more specific to the fields in the form 26QB. It has a field "Actual Consideration value" which is lets say "X". And then there is another field named "Amout Paid/Credited to Seller". What should I fill up in this field. I have two sellers in this deal. Should I fill up "X/2" in this field for each seller?

Thanks in advance.

Sorry Sir. I didn't see your latest reply before posting my last comment. The thing is that both the sellers have joint account and the entire payment went into that joint account. So, "installment to individual seller" doesn't really apply here. What should I fill up in this case?

YES...... Correct (for 50:50 share); (OR in the ratio of respective share)

Though it got credited to joint account but legally paid to individual owners!!

I am going to buy property which involves three sellers ( at the time of signing agreement only two will sign since one person has handed over Power of attorney in the name of another seller, mother to his son )  and total consideration is INR 1.18 Crore. Also, there are two buyers ( myself and my wife with equal share ) so in such case each seller will receive sale consideration of INR 39.33 Lacs respectively so do i need to deduct TDS under section 194 IA here? I am referring to judgement by ITAT in 

M/s. Oxcia Enterprises Private Limited Vs DCIT (ITAT Jodhapur) but i got bit confused here, kindly help to understand. Thank you.

Already replied to our main query....

In protest against ADMIN for its discriminatory behavior among different members, I leave the portal permanently.  Good Bye.