• 26QB form for jointly owned property

Hi,
Background: I have purchased a new flat (In Construction Phase) from a Real Estate Corporate. It is in joint Ownership with my wife. So, 2 Buyers and 1 Seller.
Agreement of Sale does not mention any Specific Contribution share; However, we are considering it 50-50. 
Sale of Consideration (Property Value):1 Crore
2 Buyers and 1 Seller
Current Installment value credited to the Seller by us is: 20 Lakh. So, total applicable TDS is 2Lakh (Between both of us)
I understand that we have to create 2 numbers of 26QB (One for me and one for my Wife) and each of us to pay 1 Lakh Rs as TDS (So total TDS: 2L). My Question is about two specific fields of the online 26QB form:

1, What value needs to be filled in EACH OF THESE 2 FORMS under "Total Value of Consideration (Property Value)" - 50Lakhs or 1 Crore?

2. What value needs to be filled in EACH OF THESE 2 FORMS under Current Installment Value which is "Amount paid/credited currently (B)" - 10 Lakh or 20 Lakh?

3. Outside the Purview of the earlier 2 questions, I have one clarification: While we have considered the contribution 50-50 here, can we work out any other contributions (Say 70-30) as there is no specific mention of contribution in the Agreement.

It would be really helpful if you could respond to the above queries.
 
Best Regards,
Asked 4 months ago in Property Tax

1. 50 Lacs

2. 10 Lac

3. Yes you can keep any ratio

 

Vivek Kumar Arora
CA, Delhi
4950 Answers
1105 Consultations

Buyer 1 (You):

- Total Value of Consideration (Property Value): ₹50 Lakhs
- Amount paid/credited currently (B): ₹10 Lakhs
- TDS Amount: ₹10,000

Buyer 2 (Your Wife):
- Total Value of Consideration (Property Value): ₹50 Lakhs
- Amount paid/credited currently (B): ₹10 Lakhs
- TDS Amount: ₹10,000

This correctly reflects a 50-50 contribution and the correct TDS amounts.

You can also contact me for filling this form. 

Best regards,

For detailed, personalized advice, consider a phone consultancy

Hope you find the information helpful. You are free to contact me for further discussion.If you could spare two minutes of your time to write a review, It would be really grateful and very happy to read it.

Thank you.

Shubham Goyal

Shubham Goyal
CA, Delhi
347 Answers
7 Consultations

by default it is considered to be 50:50. But you can go on to deposit in the ratio of preference since it does not affect the fact that in total 1% needs to be deducted. The amounts you mentioned for the TDS are a bit incorrect.

Nishith Kothari
CA, Udaipur
5 Answers

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