Hey @Aditya_Tawade,
Under the stamp duty value, the amount proportionate to your share in the property needs to be added. Hence, if you are a 50% co-owner, the stamp duty value should be half of the total value.
However, under ‘total value of consideration’, you need to enter the entire sale value.
Hope this helps!
Hi,
I am based in mumbai, purchasing a resale flat for INR 2 crores. I have paid 1 crore as advance on March 15 2024 and balance through bank home loan. However, the registration for the resale is fixed for April 12th 2024 after which the bank will release the balance payment to seller.
My questions are as below
a. When should I deposit the 1% TDS?
b. What assessment year should i choose while depositing TDS ( I presume this will be asked)
Thanks & Regards,
A
Hello @anands
TDS at 1% has to be deducted and paid to government on every instalment of payment you make.
Thus in your case TDS has to be as follows:
Form 26QB has to be filed in case you are purchasing a property from a resident Indian and value of property is more than 50 lakhs. It is tax payment cum return filing, so payment and return filing will be done at same time.
We do have expert assistance plan where a CA from our team can help you to file the same. You can book a slot using the below link:
@CA_Niyati_Mistry … my correction statement shows “Submitted to ITD”. How much time it takes to process from here?
Hey @Partho_Karmakar,
It would take around 7-10 days.
Thank you for your reply appreciate your help. I want to know what will be the “Amount paid/credited currently (B)”. It would also be half as there are two buyers of a valuation of 76,00,000/- ?
Hey @Aditya_Tawade,
Yes, the value needs to be entered on a proportionate basis. If the buyers are 50-50 owners, then the amount would be half of the total property value.
@Surbhi_Pal
I have a query. I bought a plot of 60 lakhs from 3 seller with equal share of 20 lakhs each I understand that i have to fill 3 form 26QB please advice what i should fill in the sections
a)TOTAL VALUE OF CONSIDERATION
b)TOTAL STAMP DUTY VALUE OF PROPERTY
c)Amount paid / credited currently
Should i divide 60 lakh by 3 for a b & c and pay 20,000 for each 3 challans ?
Hey @naresh12,
You will have to enter the total property value under the field “Total value of consideration”. In the other two fields i.e. “stamp duty value” and “amount paid”, the values need to be entered on a proportionate basis depending on the ownership of co-buyers.
@Surbhi_Pal thank you. But i meant 1 buyer and 3 sellers, so does the same apply here ?
Hey @naresh12,
Yes, the same would apply in your case as well.
hello! I need some assistance with Form26QB correction as I made a mistake in the date of payment and it came back with default. I am receiving the following error when I try to request correction.
I am also unable to download the Jurisdiction report and it says:
The latest statement filed for the specified search criteria is not processed, please check later.
While I checked the status of Challan it is showing fully Consumed
Hey @Aryan,
You will be able to file a correction return once your original Form 26QB is processed. It usually takes 7-10 days for the IT department to process the same.
Hey @Vijeth,
You can wait for the approval or even approach your AO once again. As the correction request has been submitted, you’ll not be able to submit another request simultaneously.
Hi! Can you help me answer this.
My mother and I are the two buyers as per the sale agreement. I have filed 26QB only using my PAN and paid the full amount to be deducted. Now should I file another 26QB using my mother’s PAN? and if so what amount do I add there ? Zero ?
Also since I am late in filling 26QB using my mother’s PAN am I liable to pay any fines and interest?
I have filled correction in form 26QB for change in amount paid/credited & same is pending for PAN approval .However the same is not reflecting in seller income tax login. How much time it will take ??
Hello @Shivam_Gupta
You have to file one Form 26QB only in case you have made 100% payment and pay TDS at 1% on the sale value. No need to file form 26QB for your mother.
In case a partial amount has been paid from your mothers account also, then you can do the below 2 things:
Thank you.
Muskan_Balar,
Thank you for the wonderful post. I have a question on filing From26QB when we have multiple installments. I have a situation where I am buying a property with payments in two installments.
1st Installment
I have already paid 1 installment and deducted TDS. At that time, I had selected Installment as the payment type and Last Installment was “No”. Since this was the 1st installment, Total Amount paid/credited in previous installments (A) was zero, Amount paid/credited currently (B) was the value of the 1st installment and Total Stamp duty of the property (C) was non-updateable. So, under Amount on which TDS to be deducted (D), the value was correctly shown as the value of the 1st installment and TDS was 1% of this vale.
Final Instalment - where I have a question
I am currently trying to deduct TDS for the final installment. So, I selected Installment as the payment type and selected “yes” for Last Installment. Since this is the final installment, I provided the value of the 1st installment as the Total Amount paid/credited in previous installments (A). I provided the final installment value for Amount paid/credited currently (B). I then provided the agreement value as Total Stamp duty of the property (C). Incidentally, in my case, this value is equal to the 1st installment + Final installment. The system is then showing the total value of 1st installment + Final installment under Amount on which TDS to be deducted (D). This is confusing as the amount on which TDS needs to be deducted is only the final installment and not the total value of the property. Also, there is no provision to show TDS already paid.
So, my question is, whether I leave the Amount on which TDS to be deducted as shown by the system and then calculate the TDS amount to be 1% of the final installment and put it in TDS amount field. Any help is highly appreciated.
Hey @HR_Puli,
Yes, the amount shown under the field “Amount on which TDS to be deducted” is shown as the total amount including all instalments. However, you will have to calculate and enter the 1% TDS on the final instalment in the field “TDS Amount” and file the form.
Hope this helps.
Thank you so much Surbhi. This helped a lot.
