Total Stamp Duty Value of the Property in case of joint buyers
This query is : Resolved
01 April 2023
While filling form 26QB, should the "Total Stamp Duty Value of the Property" be divided amongst buyers as the case with "Total Value of Consideration"?
To explain, consider the total value of the property is 1.2Cr and there are two buyers.
While filling up form 26QB, as per my understanding each buyer must report 60L as the "Total Value of Consideration", but the question is, should each buyer report 60L each as "Total Stamp Duty Value of the Property"?
The problem is that, if 60L is reported as the "Total Value of Consideration" and 1.2Cr as the "Total Stamp Duty Value" then the form errors out with the message "TDS Amount entered is incorrect" as in this case, the TDS amount per buyer comes out as 1.2L each whereas it should come as 60K each.
If I chose 60L as both "Total Value of COnsideration" and "Total Stamp Duty Value", then the form let's me proceed ahead.
Is selecting 60L for both the values correct?
Please advise.
To explain, consider the total value of the property is 1.2Cr and there are two buyers.
While filling up form 26QB, as per my understanding each buyer must report 60L as the "Total Value of Consideration", but the question is, should each buyer report 60L each as "Total Stamp Duty Value of the Property"?
The problem is that, if 60L is reported as the "Total Value of Consideration" and 1.2Cr as the "Total Stamp Duty Value" then the form errors out with the message "TDS Amount entered is incorrect" as in this case, the TDS amount per buyer comes out as 1.2L each whereas it should come as 60K each.
If I chose 60L as both "Total Value of COnsideration" and "Total Stamp Duty Value", then the form let's me proceed ahead.
Is selecting 60L for both the values correct?
Please advise.
CA R SEETHARAMAN
(Expert)
01 April 2023
No, it's not correct. But proceed with 60 lacs as form is allowing it no problem.
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