Sec 194IA TDS on property

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  1. B K Moza

    B K Moza New Member

    For a Flat purchased above 50L in 2013, 95% payment made before 1/6/2013 & 5% paid after 1/6/13 to builder. TDS to be deducted on 5% or whole 100%? And how much??
     
  2. Tds is deducted on remaining 5%. And it will be 1% of amount paid every time after 1.6.13.
     
  3. B K Moza

    B K Moza New Member

    Thank u Honey for your input. May I know what other charges like interest on delayed payment, late fee, penalty has to be paid with 26QB and how much if 5% payment was 4.25L?
     
  4. 1% of Rs. 425000 would be Rs. Rs4250.
    You have to pay interest @1.5 % per month from the month of deduction up to month of payment.
    And penalty of Rs. 200 per day after due date upto date of payment.

    For any query,
    Ph:9717538224
     
  5. Debashis Sengupta

    Debashis Sengupta New Member

    I shall buy a property in joint name with my wife. But my wife is a housewife and does not have any income.Whole funding will be made from sale of one property jointly held to avoid capital gain. Do we have to fill in two challan for TDS deduction made? if yes, then what will be the distribution of TDS in two challans?
     
  6. V K Khanna

    V K Khanna Active Member

    Yes, you will have to pay tds amount by using two challans and share the tds amount in the same ratio in which the capital gains/sale proceeds will be shared and utilised for purchase of new house.
     
  7. Debashis Sengupta

    Debashis Sengupta New Member

    since my wife's share in the flat to be sold is nil( she is just mentioned as joint holder so that she becomes the owner of the flat in case of my death) and also the capital gain will be shown in my ITR ( as she is not to file any ITR as her income is nil), and also for the new flat she is mentioned as joint owner so that she have the possession of the flat in case of my death,do we still to fill in two challans? If yes then there will nil value in the challan to be filled in inher name.Is that OK?
     
  8. V K Khanna

    V K Khanna Active Member

    You may pl consult the jurisdictional AO for specific reply to your query.

    Your original query was replied based on the inputs provided by the Income Tax Deptt in case of joint ownership of property to be purchased, in the following link:-

    https://www.tin-nsdl.com/TDS/TDS-FAQ.php
     
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