Tds u/s 194-ia

I think the bank will deduct TDS and file the returns, and will give the form 16B to the seller, with a copy to you. 

Since it is a new law, a lot of information is still not known to people. 

You can go through the file.

Well, I think that TDS would be deducted respectively i.e. Rs. 7,000 by Mr. X himself and Rs. 45000 by the Bank and as regards Form 16B that will also issued respectively. And normal procedure will be followed

Form 16B has not been available as of now through NSDL website, the work for the same is in progress and for the time being one can issue Form 16B to seller after filling it manually. Nevertheless the Seller would get the credit for TDS in his Form 26AS.

Thanks.

I HAVE BOUGHT A PROPERTY (UNDER CONST-POSSESSION DEC 2014)INCLUSIVE ALL AS PER FOLLOWING (AGREEMENT TO SALE , AGREEMENT TO CONSTRUCTION, CAR PARKING,CLUB HOUSE, MAINTAINANCE DEPOSITE, MAINTAINANCE EXPENSES, LEGAL EXP, SERVICE TAX, VAT. 1. MY 1ST QUESTION IS WHICH R THE ABOVE SAID EXP TO BE CONSIDERED IN TOTAL SALES CONSIDERATION. 2.  TOTAL COST IS INCLUSIVE ALL 70 LACS, I HAVE PAID 25 LACS BY 31/05/13, BALANCE ILL PAY FROM 1ST JUNE TILL POSSESSION. TDS DEDUCTION IS APPLICABLE ON TOTAL 70 LACS OR ON BALANCE PAYMENT AFTER 1ST JUNE 45 LACS. PLS REPLY AT THE EARLIEST. THNX     

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