Suppose building sold by A to B for 60 lacs
B deducted 1% deducted and paid 5940000
Cost of Property in books of B was 8 lacs
Pass entries in books of B
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In the books of buyer
Building A/C DR 60,00,000
To TDS Payable u/s 194IA (Non co/Co) 60,000
To Seller A/C 5,940,000
Deposit of TDS
TDS Payable u/s 194IA (Non co/Co) 60,000
To Bank A/C 60,000
Payment to seller
Seller A/C DR 5,940,000
To Bank A/C 5,940,000
Pass entries in books of A
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Buyer A/C DR 60,00,000
To Building A/C 800,000
To Profit on sale of building A/C 5200000
TDS Receivable
Bank A/C DR 5,940,000
To Buyer A/C 5,940,000
TDS Receivable A/C DR 60000
To Buyer A/C 60000