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TDS payment using Form 26QB when buying property on loan

605 views 2 replies

Hi,

I have bought a property on loan recently. Total value of property Rs. 1 cr. Out of this I have paid 10% till now and the rest will be paid by the bank based on stages.

I am expected to pay TDS on this.

Firstly, do I have the option to pay the entire TDS as lumpsum even though I have not paid total cost now?

Secondly, I am buying the property along with another co-buyer in a 50-50 arrangement. While filling the value in the portal, do I have to enter the value as half in the column for amount paid currently & stamp duty? And what about the column for total consideration?

Regards,

Confused

Replies (2)
Field in 26QB Value to Enter (You as 50% buyer)
Total Consideration ₹50,00,000
Amount Paid Till-Date (first installment) ₹5,00,000
Amount Paid Till-Date (bank installment 1) ₹15,00,000
Amount Paid Till-Date (bank installment 2) ₹15,00,000
Amount Paid Till-Date (bank installment 3) ₹15,00,000
Stamp Duty Value 50% of actual stamp duty

The total consideration should include "aggregate of all amounts paid" based on the latest 194-IA.

Should that not be the case that the Total consideration should be 1 Cr and not 50 lakhs?

The others fields however should be proportionate apart from Total Consideration. 

Note: In the same boat, trying to learn.


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