Form 26QB Total Value of Consideration (Property Value)

TDS & TCS
22

Hello @Onkar_Kulkarni ,

TDS deducted on property is filed using form 26QB. As per the laws, if you are paying any part of the property value in instalment, then you need to deduct TDS from every payment and report a separate form 26QB for each payment.

23

Hello ,
I had one basic query related to the Total value of Consideration. Do we need to include the additional charges(PLC, Club Membership, Power BackUp etc) in the total consideration value or it should just be the basic selling price (excluding GST)?

Thanks a lot.

24

Hello @RaghavSethi

When filing Form 26QB under, the Total Value of Consideration should include not just the Basic Selling Price, but also any additional charges that are integral to the transfer of the property.
Items that are included in the total value of consideration:

  1. Basic sale price
  2. PLC
  3. Club membership fees
  4. Power backup charges
  5. Parking charges
  6. Maintenance charges and other charges that are included in your sale agreement
    But the total value of consideration does not include GST.

Hope it helps!!

25

Hello @Priyanshu_Agarwal ,
Thanks a lot for taking out your time and replying to my query.
I have 2 more queries in same context.
1-If builder is asking to pay TDS only on BSP(without PLC and others), then what should be done?
2- The answer which you have provided, does it apply for total stamp duty value of the property as well (it also includes all charges)?

Thanks a lot.
Raghav Sethi

26

Hello @RaghavSethi

  1. If your builder is asking to pay TDS only on the basic selling price, then you should deduct TDS on the basic selling price only. In such a case the total value of consideration should also be only the basic selling price and should not include the other charges.
  2. Yes the previous answer also applies to stamp duty value of the property.

Hope this helps!!

27

Hello,
1.Can I pay 1 % TDS at one go ( instead of paying by installment) if I am planning to pay developer in 3 installment in future ?

28

Hello @Paras_Dedhia

Yes you can pay the whole TDS amount for the whole consideration amount instead of paying it in instalments.

Hope this helps!!

29

Hello, if husband and wife are joint owners of flat ( 50 percent share each) , but payment contribution is 70 percent and 30 percent of total amount. 1 percent TDS deduction should be proportionate to payment contribution ( 70 % and 30 % ) or 50 percent each ?
Thank you

30

Hello @Paras_Dedhia

If husband and wife are joint owners of a flat with a 50:50 ownership but their payment contributions are 70:30, TDS under section 194-IA should be deducted based on the actual payment made to each. That means 1% TDS should be deducted on 70% of the total consideration for the husband and 1% on 30% for the wife, provided the contribution split is clearly mentioned in the sale deed. Otherwise, TDS is to be deducted equally (50:50).

Hope this helps!!

31

Thank you very much for prompt reply.
There is a confusion and diffrence in opinion regarding column -
" Total value of consideration ( property value)" - Do we need to enter total property value or half of property value, considering joint buyers with 50 percent share ?

Also, total stamp duty value of property ( C) - Do we need to enter total property value or half of property value, considering joint buyers with 50 percent share ?

32

Hello @Paras_Dedhia

Total value of consideration (property value)" should reflect the full value of the property, not just the individual share of each co-buyer. Apportioning the value among co-buyers is only necessary for the “Total stamp duty value of the property” and the “amount paid/credited” fields.

Hope this helps!!