Wife named A (first name in the property) and husband named B (second name in the property) have bought a joint property costing more than 50 lakhs. The reason they bought this property jointly was to equally claim the Income Tax benefit for interest and principal repayment of the loan raised to buy this property.
Towards the first payment of 10 lakhs B paid 9.90 lakhs out of his account after witholding 10,000 towards TDS.
While making the TDS payment the below queries arise:-
- Whose PAN number should be used as the "PAN of the Transferee" in Form 26QB ? Is it A's (first name in the property) or B's (who has paid the amount of 9.90 lakhs from his account alone).
- From whose account should the TDS payment of 10,000 be made ? Is it A's (first name in the property) or B's (from whose account 9.90 has been paid).
- The wordings on NSDL TDS site (https://www.tin-nsdl.com/TDS/TDS-FAQ.php) are as follows:- "Oline statement cum challan Form/ Form 26QB is to be filled in by each buyer for unique buyer-seller combination for respective share. E.g. in case of one buyer and two sellers, two forms have to be filled in and for two buyers and two seller, four forms have to be filled in for respective property shares.". The question here is, how is the respective share calculated, recorded or evidenced from an Income tax perspective.
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