Joint buyers in under construction property, help with 26QB
1 month ago
Me and my wife are buying a property jointly. Since the property is under construction, we need to make payment in installments and deduct TDS on every installment. Do we split The Total Consideration Value (Property Value) while filling the form, or put full amount in both 26QB forms?
A.Dear Client,
TDS is applicable on the purchase of immovable property wherein the sale consideration of the property exceeds or is equal to ₹ 50,00,000 (Rupees Fifty Lakhs). TDS @ 1% should be deducted by the purchaser of the property on the Date of Payment or Credit to the Seller whichever is earlier. The tax so deducted should be deposited to the Government through challan-cum-statement in Form No. 26QB electronically within 30 days from the end of the month in which the deduction is made. In the case of joint buyers, 26QB has to be filed by each of the buyers for the proportionate share which means two 26QB forms to be filed. Reach out to a CA or Tax consultant for guidance and steps.
TDS is applicable on the purchase of immovable property wherein the sale consideration of the property exceeds or is equal to ₹ 50,00,000 (Rupees Fifty Lakhs). TDS @ 1% should be deducted by the purchaser of the property on the Date of Payment or Credit to the Seller whichever is earlier. The tax so deducted should be deposited to the Government through challan-cum-statement in Form No. 26QB electronically within 30 days from the end of the month in which the deduction is made. In the case of joint buyers, 26QB has to be filed by each of the buyers for the proportionate share which means two 26QB forms to be filed. Reach out to a CA or Tax consultant for guidance and steps.
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