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TDS on Immovable Property from 1st June, 2013
September 3 2013 , 11:16 PM   #581
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Quote:
Originally Posted by manu82
Hi

My builder is asking me Form 26QB filled with all details. I already sumbitted him Challan Copy and Form 16B. Does anyone has any idea where to get Form 26QB, or it has to be filled Manually after downloading the Blank form.

I remember, when I was filling TDS, FORM 26QB was used only for submitting details to deduct TDS, thereater it took me to my BANK site for payment and after that I got the Challan copy. I do not remember anywhere I got the option to save FORM 26QB.

Also why is it necessary for Builder to have Form 26QB if I have already submitted Form 16 and Challan copy.
Builder says he requires it as the standard list of documents for this procedure.
Any Replies/Suggestions ?
September 3 2013 , 11:23 PM   #582
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Quote:
Originally Posted by manu82
Any Replies/Suggestions ?

If u have submitted Form 16B, 26QB is not required . I suppose, the Builder is just playing games .

.........btw, u could have taken the print of Form 26QB before making the on line payment .

September 4 2013 , 07:14 AM   #583
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2 queries

Regarding the TDS issue i have following query:

1. If the remaining amount to be paid to builder is less than 50 lac , still TDS needs to be dedcuted or not.

2. In case there are 2 owners and share value of each person is less than 50 lacs for each one, then TDS needs to be deducted . In case it needs to be deducted which owner should deduct it.

sorry, i am not able to follow complete thread
September 4 2013 , 07:28 AM   #584
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Quote:
Originally Posted by hd1986
Regarding the TDS issue i have following query:

1. If the remaining amount to be paid to builder is less than 50 lac , still TDS needs to be dedcuted or not.

Yes, it needs to deducted for any payments made on or 01-06-2013 .

2. In case there are 2 owners and share value of each person is less than 50 lacs for each one, then TDS needs to be deducted . In case it needs to be deducted which owner should deduct it.

It needs to deducted for any payments made on or 01-06-2013 for both partners . The first owner may deduct or alternatively, both may deduct 0.5 % ( please reconfirm from other comments, since i am not 100 % aware on this & so not absolutely sure) . The Govt. needs u to deduct the TDS, that is necessary .

sorry, i am not able to follow complete thread
September 4 2013 , 09:19 AM   #585
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Hi All,

1)What will be service tax if total value of property without service tax 95L ?
2) if we do transfer on 11Th september , when we need to pay TDS with seven day of transfer or upto 7th OCt ..
3) If we are taking property in Jointly , each of partner need to fill Form 26Qb, what will be ratio and each partner need to show entire property value in onlien form ??

Pls revert at ur earliest..
September 4 2013 , 09:43 AM   #586
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Quote:
Originally Posted by evasnis
Hi All,

1)What will be service tax if total value of property without service tax 95L ?

1% of 95 L if all payments r made on or after 1-6-2013 .
2) if we do transfer on 11Th september , when we need to pay TDS with seven day of transfer or upto 7th OCt ..

This is still not clear . As per Builders, they need TDS Form within 7 days of making payment, whereas, some say sites say, 7th of next month .
3) If we are taking property in Jointly , each of partner need to fill Form 26Qb, what will be ratio and each partner need to show entire property value in onlien form ??

There is a column in Form 26QB, where u need to say that Property is owned jointly . If the above Property of (% L is owned jointly, each partner needs to show value of 95 L & if there r two partners, both would need to pay 0.5 % .

Pls revert at ur earliest..
Above is as per what i understand, but do cross check .
September 4 2013 , 03:10 PM   #587
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Thanks @Manoja!!! We need to mention ATS value same in both the forms(26QB) or lets say ATS value is 28 L , so we need to mention 14 L in each form and 14 K as TDS or 28 L with 14k as TDS value in both form ..

Kindly confirm...
September 4 2013 , 03:15 PM   #588
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Quote:
Originally Posted by evasnis
Thanks @Manoja!!! We need to mention ATS value same in both the forms(26QB) or lets say ATS value is 28 L , so we need to mention 14 L in each form and 14 K as TDS or 28 L with 14k as TDS value in both form ..

Kindly confirm...

I suppose, the value has to be 28 L in both, with 0.5 % - 14 K, as TDS .
September 4 2013 , 04:09 PM   #589
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Guys if suppose my TDS due is Rs2020.2 as per the online form 26QB filled. Now when i do epayment of the TDS, the bank website does not accept figure in decimal. It asks to round off the figure. In this case i round off to Rs.2020. Will it affect the generation of form16B. Or shall i deposit Rs.2021 for safety. Has anyone else encountered this issue.
September 4 2013 , 07:36 PM   #590
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Hi Manoja ji -

1. I did a payment after June 2013 but I was not aware of this rule and the builder also didn't ask me to deduct Tds in the payment. Please suggest what should I do?

2. It's been 1+month that I payed the amount to builder but I haven't payed the Tds as I was not aware. What are the possible issues will there be a interest I wud have to pay

3. What is the best wAy to pay TDS?

4. Do we calculate Tds on the amount payed including service tax in that payment?
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