Hello Friends,
Can anyone help me regarding Quarry related to TDS:
Ifield one 26QB for purchase of property and DEDUCTED TDS as per recent amendments applicable from 1st April, 2022 that if anyone purchase property and if value is more than 50 lacs then tds to be deducted @ 1% from sale consideration or SDV of that property whichever is higher. But when i downloaded Form 16B the amount of tds is reflected there is @ 1% of sale construction not SDV.
HELP ME WHY THIS HAAPEN????
Yes, the purchaser is required to deduct TDS on the FMV or purchase value, whichever is higher. So, you have deducted it correctly. But the department is declaring it in form 26AS as per the purchase value only, for which you need not worry.
CAclubindia
