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SASWAJEET ROUT

Property TDS( U/s 194 IA)...
Sir, In last FY while depositing TDS against purchase of a flat, i had wrongly deposited TDS amount twice. Excess amount is also showing in my Form 26AS (Part A2) for AY 2018-19. To claim the same, i had mentioned that amount as advance tax paid in my ITR with all details (like challan no., BSR no. ...
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Amlan Dutta
When you deduct TDS , you don't get tax credit , rather the deductee does ...say you have to pay deductor 100 Rs, so you pay him Rs 99 and deduct 1 Rs TDS , this 1 Rs TDS credit is available to the seller of the property ...if you deducted two times i.e did TDS for 2 Rs , then this 2 Rs TDS credit ...
  • October 9, 2018
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Kishor Bhoi

Property TDS( U/s 194 IA)...
Hi Amlan, I have purchased under construction property which is above 50lac. I have paid TDS through form26qb for initial few demands, which was not exact 1% of the demand. So I have paid some excess amount which is showing in FORM26 Part A2. I had contacted Income Tax Dept, they informed me this ex...
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Amlan Dutta
The TDS is the to credit of the seller( deductor) and not yourself deductee...say on 100 rs you were supposed to deduct 1 rs and now you have deducted 2 rs , what it means is that the seller has now 2 rs to his TDS credit ...if sellers liability is 1 rs based on his income liability , he can seek re...
  • August 29, 2018
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JK Jain

Property TDS( U/s 194 IA)...
Dear Amlan, This is regarding 1 % TDS on purchase of a property from buyer side. My son has purchased a flat in noida jointly with his wife and his mother( my wife) in July 13 with sale consideration of Rs 40.126 lakh and sale agreement executed on 27-07-13 between seller and buyer. 25 Lakh loan gr...
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Amlan Dutta
I think they are correct.
In short, higher of the stamp valuation or the sale deed value has to be considered

A new section 50C has been inserted from AY 2003-2004 the same is reproduced herein.

The value of the Stamp Authorities if higher then actual consideration will be deemed as Sale proceeds. Ho...
  • September 6, 2018
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Mukesh Jindal

Property TDS( U/s 194 IA)...
Hi Amlan,

Last year i deducted TDS for Buying a property. In my form 26as it is showing the details for the same. I want to know if i have to show this in ITR2. I am thinking not needed as i am the buyer.

Thanks,
Mukesh Jindal
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Amlan Dutta
Say property price 100 Rs and you paid 99 Rs to the seller deducting 1 Rs TDS ...In this whole process , you are the deductor in this case ....the deductor never gets benefit of deducting TDS ...the deductee(seller) gets benefit of deducted TDS i.e 1 Rs for meeting his tax liability . So, despi...
  • July 20, 2018
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Abhishek Khandelwal

Property TDS( U/s 194 IA)...
Hi,
I need one help. Actually I am not much aware about TDS on property. (26 QB)
I brought a under construction property and the registration was done on 23-Apr-2018. My wife is primary Owner and I am secondary owner Now I came to know about TDS thing recently and I have to pay the same. My builder ...
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Amlan Dutta
Never use words like "respond asap" again ever ...as far as question goes, if value of the property exceeds 50 lakhs , then for every payment that you make you need to deduct 1 % TDS and make payment .....the authority doesn't care whether you have been informed by builder or not ....there are late ...
  • June 24, 2018
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Neeraj Jagga

Property TDS( U/s 194 IA)...
Hi Amlan

Thanks for sharing video on 26QB. It helped a lot to understand but still i have some queries. Please help to sort this out.
I am buying a flat. There are two buyers and two sellers. so i think i have to fill 4 26QB form of Equal amount. For example property amount is 1 Cr. so 25 Lacs per p...
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Amlan Dutta
Please understand , that the sale consideration will not get distributed uniformly i.e 1cr will not translate to 25 Lakhs just because there are two seller and two buyers ...

First figure out the ownership share ratio i.e say the flat cost is 1 Cr and there are 2 sellers ..say Mr and Mrs Sharma , wha...
  • May 3, 2018
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