Wondering how to file TDS on purchase of property joint ownership purchase. When purchasing property in India, if the transaction value exceeds Rs. 50 lakh, the buyer is required to deduct Tax Deducted at Source (TDS) at 1% of the sale consideration.
How to File TDS on Joint Ownership Purchase?
This applies even if the property is purchased in joint ownership. Here’s a step-by-step guide on how to file TDS for a property purchased in joint ownership:
Check if the total sale consideration exceeds Rs. 50 lakh. TDS must be deducted at 1% of the total sale consideration.
Obtain the PAN details of all buyers and sellers. Ensure the PAN is correct and matches with the Income Tax database.
TDS must be deposited using Form 26QB. Since there are joint owners, each buyer must submit a separate Form 26QB for their respective share of the property.
Go to
TIN NSDL
. Select 'TDS on Property (Form 26QB)' under 'Services'.
Select 'TDS on Sale of Property'. Enter the PAN details of the joint buyers and sellers. Enter property details, including address and sale consideration. Enter the payment details for each buyer’s share.
Choose 'e-payment' to pay the TDS online via net banking or choose 'e-tax payment on subsequent date' to pay later at an authorized bank. After filling in the details, submit the form to generate a unique acknowledgment number.
After successful payment, the bank will provide a Challan Identification Number (CIN). Keep this for future reference.
After filing Form 26QB and making the payment, each buyer must download Form 16B (TDS Certificate) from the TRACES portal.
Both buyers need to register on the
TRACES portal
. After logging in, go to 'Downloads' and select 'Form 16B (For Buyer)'. Enter the requisite details (Assessment Year, Acknowledgment Number, PAN of Seller). Download the Form 16B and provide it to the seller.
This is how to file TDS on purchase of property joint ownership purchase.
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How to File TDS on Purchase of Property Joint Ownership Purchase?
Pragati
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2024-06-02T09:46:02+00:00 2024-06-03T08:30:52+00:00Comment
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