TDS on property purchase TDS on Construction Joint Owner TDS Form 26QB online

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http://youtube.com/watch?v=91Tuj2gIH84

Call 9319333248 for More information! In this video, Expert CA Sachin explained practical points like • Expert CA Sachin Advice for Buyer and seller (Practical Tips) in the last of the video must watch the secrets of TDS. • 1-Who is responsible for TDS (Buyer or seller) • Buyer is responsible for TDS as he make the payment to seller • 2-How deposit TDS on construction of property • As per demand note pay the TDS and claim the refund from the buyer after submitting form 16B • 3-Joint buyer and Joint seller (owner). • each Buyer will deduct TDS for Each seller and will file form 26QB for each seller and will make payment accordingly complete chart with working mentioned in the video. • • 4-Agricultural land and compulsory acquisition by government are cover or not • Rural agricultural land not covered for TDS u/s 194IA. • It means an agricultural land in India – (a) If situated in any area which is comprised within the jurisdiction of a municipality and its population is less than 10,000, or. (b) If situated outside the limits of municipality, then situated at a distance measured • (i) more than 2 kms, from local limits of municipality and which has a population of more than 10,000 but not exceeding 1,00,000; or • (ii) more than 6 kms, from local limits of municipality and which has a population of more than 1,00,000 but not exceeding 10,00,000; or • (iii) more than 8 kms, from local limits of municipality and which has a population of more than 10,00,000. • • Also compulsory acquisition by government is not cover and TDS@1% not applicable. • 5-Exchange of property cover or not. • Yes, in case of exchange circle value will be consideration and TDS is applicable. • 6-Gift deed or family arrangement cover or not • TDS not applicable as this is not a case of transfer. Like father to son and others • 7-TDS rate • 1% for all. Lower deduction certificate is not applicable like NRI • 8-TAN mandatory or not for TDS. • TAN not mandatory for this TDS. This form 26QB can be filed by using PAN of all parties i.e Buyers and seller. • 9-Due date of TDS deposit, form 26QB and Form 16B. • TDS will pay on 30th of the next Following months like payment in 1st may then TDS need to pay before 30th of the June and form 16B will issue before 15 Aug. • 10-TDS on property if Loan taken . • TDS will be deductible even if loan is taken. Buyer will deduct complete TDS from his own payment like • Property value : Rs 1 Crore • Bank Loan : Rs. 70 lac • TDS Deposit : Rs. 1 Lac • Seller payment : Rs. 29 Lac • 11-Limit of TDS deduction • Value of 50 lac or more for each property . Only payment matter not circle rate like Agreement to sale is Rs. 75 Lac and circle rate is 1 Crore so TDS is applicable on 75 Lac. • 12-What happened if PAN is not available. • 20% TDS rate is PAN not available so apply PAN in 5 minute. Link available below • • How apply PAN online! PAN in 5 Minute... • 13-If loss in selling the property how claim refund of TDS. • TDS still deductible and applicable. In this case file Income tax return and claimed TDS

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