Know more about types of forms to file TDS & TCS Returns - Form 24Q, 26Q, 27Q, 27EQ, 26QB, 26QC
Hello Team. I’m purchasing a property for 85 lacs. The stamp duty and registration has been paid on the government valuation of 88 lacs.
As per the rule, I’ll have to deduct 1% of 85 lacs while making payment to the seller for TDS.
I’m a single buyer and there are 3 sellers (father, monther and son).
Could you please guide me on how do I fill Form 26QB? Will i have to fill 3 different forms for each seller or 1 form with the seller (son’s) PAN because i will be making payment to his bank account?
Thank you in advance.
As per Section 194IA, you are required to deducted TDS @ 1%, even if each seller is entitled to <50 lakhs and furnish details in Form 26QB, if aggregate > 50 lakhs.
Form 26QB is to be filled in for each 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.
To summarise:
(1) You’ll have to deduct INR 85000 as TDS.
(2) You have file 3 different 26QB forms.
Hope this helps 
I am purchasing a property jointly with my wife and daughter, though the payment instalments will be paid primarily by me. However, while deducting the TDS on the first instalment, I erroneously stated ‘No’ to the query ‘Whether more than one buyer.’
As per the NSDL (Protean) website, “Online statement cum challan Form/ Form 26QB is to be filled in by each buyer for unique buyer-seller combination for respective share.” I presume that in our case, all three allottees are ‘buyers.’
Will this be an issue later on, especially at the time of registration? Specifically, what does the ‘respective share’ referred to in the NSDL website mean? Does it mean an equal 1/3rd share i.e. for each instalment, all three of us have to deduct an equal 1/3rd of the TDS via Form 26QB and submit Form 16B to the seller? Alternatively, is the share determined (and TDS deducted accordingly) based on the individual amount paid towards the sales consideration/instalments by each allottee?