I`m a buyer. Should I deduct TDS from the amount greater than the real estate value of Rs 50 lakh or the total amount at which I purchased the property? In accordance with the legal provisions, the purchaser is expected to deduct the applicable SDS from the transaction value and file them properly with the government. Buyers can use their PAN details in documents, as a TAN is not required in their case. Buyers who do not pay the SDS to the government on time may be fined in the form of interest or given a severe prison sentence of up to seven years. Note here that even if the seller may be forced to pay, it is the buyer who has seen the penalty. The online form on the TIN website for the provision of TDS information when purchasing a property is called FORM 26QB details which must be listed as 26QB. As a general rule, anyone responsible for the TDS deduction must receive a TAN (tax account number). However, in the case of TDS on land, the buyer is not obliged to receive the TAN. The buyer must provide information such as name, address, PAN, mobile phone number and electronic username of seller and buyer in Form 26QB. The full address of the property, as well as the date of the agreement, the total value of the consideration, the date of payment, etc., must also be indicated. Buyers should also consider issuing Form 16B.
It is generated from TRACES and the seller may not benefit from a TDS tax credit that will be deducted in the event of non-presentation or late filing of Form 26QB. For example, Section 194-A of the Indian Income Tax Act allows anyone who makes payments to a resident seller or seller for the transfer of a property to deduct tax at source up to 1% of the payment to the seller. In accordance with the proposal of the Finance Act 2013, this new section – 194 AI was incorporated into the Income Tax Act 1961. This tax deduction on real estate only applies if the value of the real estate is 50 Lakh or greater. Yes, TDS is deductible if the value exceeds 50 lakhs and has purchased land other than farmland. This has not been possible to my knowledge, because if you file TDS by submitting Form 26QB, it automatically calculates TDS on the stated value and if it displays 0.75% in the form 26AS, then the buyer has only deposited this amount and you should confirm by the buyer. The SDS should be deducted from the amount paid, whether it is a contractual amount or a circular amount. There are two buyers and two sellers of the property and the value of the property is 60 lakes. By filling out Form 26qb for each buyer, what is the total value of the consideration (property value)? If GST is deducted from the transaction value for the acquisition of real estate, TDS is deducted from the non-GST amount.
Sir, if an agreement is reached on June 22, 2020 and the property is second-hand. Loan from the bank is still being processed, the credit agency will receive a deposit into the buyer`s account and then the buyer will pay the same to the seller. is 30 days of calculation is from the date of the agreement or the date of payment to which the buyer will pay the amount to the seller. if the buyer pays the seller after three months. then, what is the date of deposite .pls tds suggest as soon as possible. Thanks in advance Is TDS applicable for the purchase of a property that is already in Home Loan? Plan to take out a loan of 55 lanks to buy a property. If I want to pay TDS in how many days after the registration date, do I have to pay TDS? If the registration value is 69 lakhs, what will my TDS be? Article declares the provisions of section 194I concerning TDS on the sale of real estate with a value of Rs. 50 Lakhs or more.
It declares If you are required to deduct TDS on the sale of property, When the TDS must file with the government after deduction, How to make the payment of TDS to the government, the details required for the submission of Form 26QB and how to form 16B [TDS certificate for the sale of property] In general, anyone responsible for the TDS deduction must receive a TAN (retra account number)