Filing 26QB in case of two buyers
This query is : Resolved
26 April 2023
In cases where there are two buyers, we need to file two 26QBs. But I have confusion about what to fill in under the head 'Total Property Value'. If the property value is 1 crore and my husband and me are buying it jointly,
(1) Should we fill in the column as 50 lakhs in our individual forms or
(2) Should it be shown as 1 crore in both the forms? If the 'Total property value' is shown as 1 crore in both the forms, will the TDS be deducted twice?
If (1) is the right option, and suppose the total property value is 80 lakhs, which is jointly bought by a husband and wife, it needs to be filled as 40 lakhs each in both their individual 26QB forms. But then, since the individual amount is below 50 lakhs, it becomes such that TDS need not be paid.
So, kindly advise me as to which is the right option. Thank you.
(1) Should we fill in the column as 50 lakhs in our individual forms or
(2) Should it be shown as 1 crore in both the forms? If the 'Total property value' is shown as 1 crore in both the forms, will the TDS be deducted twice?
If (1) is the right option, and suppose the total property value is 80 lakhs, which is jointly bought by a husband and wife, it needs to be filled as 40 lakhs each in both their individual 26QB forms. But then, since the individual amount is below 50 lakhs, it becomes such that TDS need not be paid.
So, kindly advise me as to which is the right option. Thank you.
26 April 2023
1. Correct.
2. In that case TDS will be doubled.
3. No, the aggregate property value purchased by both parties would be more than the basic limit.
2. In that case TDS will be doubled.
3. No, the aggregate property value purchased by both parties would be more than the basic limit.
26 April 2023
Thank you Sir... So I hope that if (1) is the right option, there won't occur any case of short deduction since we are showing only the half of the original Total property value.
Also, in the example where the Total property value is 80 lakhs, we should give 40 lakhs as the 'Total property value' in the individual forms, but still pay Rs. 40,000 each. Is that right?
Also, in the example where the Total property value is 80 lakhs, we should give 40 lakhs as the 'Total property value' in the individual forms, but still pay Rs. 40,000 each. Is that right?
26 April 2023
1. Yes, correct.
2. Right.
2. Right.
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27 April 2023
Thank you so much Sir.
27 April 2023
If joint owner's share is less than Rs. 50 lakhs, no need of form 26QB per Delhi ITAT's decision dated 10-12-2018 in
Vinod Soni Vs. ITO .
But Sub Registrar may not register the property per this view.
Vinod Soni Vs. ITO .
But Sub Registrar may not register the property per this view.
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27 April 2023
Yes, Sub-registrar office considers the total cost of the property that being transferred, as such demands TDS certificates from the buyers.
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