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Question ID : 42286

TDS ON PROPERTY PURCHASED

THE PURCHASER AND SELLER BOTH ARE NON RESIDENT INDIANS WORKING ABROAD, TDS IS TO BE DEDUCTED ON PURCHASE OF HOUSE PROPERTY FROM THE SELLER WHO IS A NON RESIDENT. THE SALE CONSIDERATION IS MORE THAN ONE CRORE AND THE APPLICABLE TDS RATE IS 23.92%. WHILE FILLING UP CHALLAN 26QB ONCE THE STATUS OF THE SELLER IS PUT AS NON RESIDENT, THE FOLLOWING MESSAGE IS SHOWN AND NOT ALLOWING TO GO FURTHER "As Status of the Payee/Seller/Transferor is A Non-Resident, Form 26QB will not be applicable. The correct form to be used is Form 27Q" MY QUERY IS FORM 27Q IS THE QUATERLY RETURN WHICH HAS TO BE FILED EVERY QUATERLY, THEN FOR PAYMENT OF TDS WHICH CHALLAN IS TO BE USED. FURTHER WHEN THE SELLER IS A RESIDENT PAYMENT OF TDS IS THOUGH CHALLAN 26QB AND THE PURCHASER NEED NOT TO HAVE A TAN BUT WHEN THE SELLER IS A NON RESIDENT, THE PURCHASER HAVE TO FIRST OBTAIN TAN. PLEASE GUIDE..

Posted by Anwar Iqbal on May 18, 2022

Filed Under DIRECT TAXES

Answer ID : 81495

You are right you have to take TAN and fill the return in accordance thereof The challan no 281 is to be filled .

Posted by SANDEEP KAPOOR on May 19, 2022