File Form 26QB on Sale of Property

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:

  1. 1st installment - 1 crore - You paid in March 2024
    Due date to pay TDS - Last date - 30th April
  2. 2nd Installment - 1 crore - Bank will pay in April 2024
    Due date to pay TDS - Last date - 31st May

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:

Book a MEET

@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.