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Please Help: TDS ON PURCHASE OF A PROPERTY FROM JOINT OWNER i.e 6 SELLER AND 3 BUYER BUT REGISTRY OF PROPERY ONLY ONE DOCUMENT

Posted Date : 17-Jun-2015 , 08:00:02 pm | Posted By: ASHA RITESH VORA

Category : Income Tax | Answers : 1| Comments : 0| Hits: 532

ONE OF MY CLIN HAS PURCHASE A PROPERTY FROM JOINT OWNER i.e. 6 OWNER AND PURCHASE BY 3 WITH JOINT NAME. CONSIDERATION RS. 1.10 CR., MY QUESTION IS THAT WHETHER LIABILITY OF 1% TDS U/s 194IA WILL ARISE OR NOT, AND IF ARISE SO WHETHER FORM NO. 26 QB FILL FOR EACH SELLER OR ONLY ONE FORM WILL BE FILL AND SUBMITTED... PLZ REPLY

Answers:
   Answer by: PRIYANKA
According to my point of view: Section 1941A talks about the value of whole property which is being sold or purchased, and not about the individual shares of owners of the property in it. Here whole property exceeding value of Rs. 50 lakhs is being purchased, so no doubt liability of 1% TDS deduction is there . And 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...Hope it solves ur querry.
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