Hi,
Hope you are doing well !!
Yes, you are right. You need to file 4 form 26QB as above.
Also you should get 4 Form 16B for the above transactions.
Filing of Form 26QB from joint seller to joint buyer
Hello, I brought a property (of 62 Lacs) on joint name with my spouse who is housewife however she is part of the home loan which I've taken for this property. Similarly the property was sold by a person along with his wife. Please advise how to deal with filling form 26QB. As per FAQ on NSDL, for two buyers and two seller, four forms have to be filled in for respective property shares however in my current sale deed or previous sale deed no share has been specified. Can it be defaulted to 50% for a jointly owned property? Finally Do I need to file 4 form 26QB as below? Buyer 1 -> Seller 1 (0.25%= 15500) Buyer 1 -> Seller 2 (0.25%= 15500) Buyer 2 -> Seller 1 (0.25%= 15500) Buyer 2 -> Seller 2 (0.25%= 15500) Total 1% TDS = 62K as my property value is 62L Should I get 4 Form 16B for the above transactions? Please suggest.
Asked 5 years ago in Property Tax
Yes your above understanding is correct you will have to file 4 form 26QB and if nothing is mentioned it will be assumed to be 50% each, however it shall also depend on the contribution made by each party.
Hope you find the information helpful if you do please rate it 5 and provide your valuable feedback for my improvement.
Thank you
Dear Sir,
Yes, your understanding is correct.
In the absence of any such details as to the share of investments made for acquisition of the property in the purchase document, it is presumed in law, that all the co owners have equal undivided share of interest, right and title in the property.
Accordingly, you will have to file 4 form 26QB and also get 4 from 16B from parties.
I understand that your wife is a housewife, hence I presume that the entire cost of the house is met from the earnings by you. From income-tax perspective you are the legal owner of the property. Hence, tax can be deducted from the payments by you on the total payments.
IN the case of ownership of property, it is usual practice that the contract is made jointly in the name of husband and wife. It is important to firstly understand whether the real income belongs to husband or wife. Is the purchase price of property shared by both or it is just that the husband owns the property ie he has paid the price and the agreement only includes name of wife for security perspective
You may also check with the seller on who is the real owner of the property being sold ie in whose income-tax return the property sale is going to be declared. IN case both the husband and wife have paid from their income, separate form need to be filed. Else you can pay TDS in the name of real owner.
- Yes four forms needs to be filled and filed.
- % would remain 1%. Only share will change. Assuming 50-50% ownership then your wife will fill consideration of 15lacs each. Same applies to you.
Hi
Yes you should get four 16B for this transaction.
you need to get four forms filled.
Before submitting forms please see while purchasing property in what ratio you bought property. Since it is not mentioned in purchase deed, you can check in what ratio you have made payment. (i.e how much amount has been paid from your wife's account.) So that at later date department don't create any issues.
Ask a Chartered Accountant
Get tax answers from top-rated CAs in 1 hour. It's quick, easy, and anonymous!
Ask a CA