Hey,
As per my knowledge, for payments of Tax Deducted at Source (TDS) to the government for reductions made pursuant to Section 194-IA of the Income Tax Act, 1961, use Form 26QB, which is a return-cum-challan form. Immovable property sales are covered by this subsection of the Act, and any applicable TDS and Form 26QB must be filed within 30 days starting with the end of the calendar month in which the TDS was deducted.
In the event that there are numerous purchasers and sellers, the deductor will need to file several Form 26QB.
On this matter, there was earlier ambiguity. The Income Tax Department has since rectified this matter, nevertheless. If there are numerous sellers, a separate Form 26QB must be submitted for each seller. Similar to this, any buyer who has more than one buyer must issue a separate Form 26QB. Online declaration and challan Each buyer must fill out Form/Form 26QB for their particular buyer-seller share combination. For instance, two forms must be completed for one purchaser and two sellers, and four forms must be completed for two purchasers and two sellers for the respective property shares.
I hope this answers your query.
Read More: What is Form 26QB? How to fill Form 26QB How to Download Form 26QB from TRACES?
What will be the Property cost in 26QB form if multiple seller present in property purchase
Tamasa Ghosh
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2022-09-06T13:56:06+00:00 2024-03-19T15:05:22+00:00Comment
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