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C.J.Sriram (Sole Proprietor)     26 February 2024

Tds on sale of property sec 1941a

A an individual execute and   Register a Power of Attorney appointing X as the POA in respect of his Land to sell the Undivided share of the Land and also develop the Property into flats and also sell them to prospective buyers

The value of each flat to be sold is above 50 Lacs. 

X being a builder himself, construct and sell the flats to the buyers.

Query: 1. Towards compliance of the TDS provisions under I T Act, Which is the PAN number to be put/entered by the Buyer while remitting the TDS amount in 26QB challan. Is it the Land owner "A" s PAN number OR the PAN number of the POA/Builder viz., "X".

Query 2. In  another Scenerio, if the  Land Owner is not interested in the Development of the Land and gives Power ONLY FOR SALE OF LAND EITHER TO ONE PARTY OF MORE THAN ONE PARTIES,  and the UDS buyers appoint the Builder to do the Construction ,  then in that case, what is the PAN number to be put/entered in the 26QB by the Flat Buyers. 



 1 Replies

T. Kalaiselvan, Advocate (Advocate)     27 February 2024

As far as the TDS is concerned it is the duty of the buyer to deduct the TDS and remit the sale considration amount to the seller after that.

Now you have to demand the PAN of ther seller to deposit the TDS to the government to his Permanent account number.


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