1. 50 Lacs
2. 10 Lac
3. Yes you can keep any ratio
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,
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.
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Best regards,
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Shubham Goyal