Hi friends,
Please help me with some queries regarding 1% TDS on property (apartment), details below
Apartment Sale and Construction Agreement date: 07 June 2015
Total consideration value (sale+construction): more than 50L
First owner: wife. Second owner: myself (same in home loan account also). I am contributing to all the payments (100%) to the builder and SBI loan EMIs.
1st SBI Home loan disbursal: 18 September 2015 (FY 2015-16)
2nd (and last till now) SBI Home loan disbursal: 11 May 2016 (current FY 2016-17)
Apart from SBI Home loan disbursals, multiple NEFT payments done from May 2015 to May 2016 from my and my friend's/family bank accounts to the builder's current account.
No TDS paid till date because of unawareness (no form 26QB filled)
Query regarding filling Form 26QB for TDS on property:
1. What amount should I mention in wife's form 26QB as she is not paying any amount. Still 50:50? Or I am ok to mention all the amount in my form 26QB only and skip even filling the wife's form 26QB?
2. Can I mention the total amount paid to the builder till 11 May 2016 as one lumpsump amount to avoid penalties in form 26QB, I was unaware of this rule and just got to know about it when 70%-80% amount is already paid to the builder? Is there any way I can skip paying penalties here?
My apologies for the long post.
Thanks in advance,
Bhavesh
1 Answers
Dear Bhavesh,
As the value of the property is more than Rs 50 Lakh, you should have deposited TDS on all the installments paid to the Seller of the property.
Form 26QB is to be filled in by each buyer. Both of you have to submit the forms for respective shares (default 50:50).
I believe that penalties u/s 201 (interest for the delay) & u/s 234E (late fee) can be levied.
Suggest you to kindly take help of a Chartered Accountant and get more details on this.
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