• Joint owner property purchase - Loan application and 26QB filing

Facts:
i. A commercial property over 50 lakh, where both parties (buyer and seller) are co-owners (i.e. husband wife).
ii. Seller party has informed that it will provide a certified letter to the agreement stating that full amount to be paid only to the account of the wife (from the seller party).
iii. Also, only the husband (from buyer party) will contribute/make full payment to the seller (the wife).
iv. 20% token money is already paid by the husband in current month. Agreement/registration will likely happen in next month.
v. Balance payment will be made to the wife(seller) in next month through a Commercial Property Loan wherein both husband-wife are co-applicants.
vi. We will have to file two 26QB's for the husband for the 2 installments (token and balance payment). No filing for the buyer wife.

 26QB Question :-

1. Since entire payment is to be made to just one person (the wife), do we select Joint-Transferor(seller) as Yes or No?

2. Since 26QB is not required for buyer wife, do we select Joint-transferee(buyer) as Yes or No?

3. And since registration and agreement will happen after 20th of next month, what date to enter for agreement/booking date in 26QB for 1st installment payment? (because Property is not yet booked only advance payment is shown).

4. In case agreement happens by this month, and balance payment (thru bank) happens after 20th of next month, then what is the due date filing 26QB for the 2nd installment? i.e. do we consider date of agreement or date of balance payment for TDS deduction?

 Question on legal and tax implication :-

5. From taxability and legal standpoint- will there be any complications now or in future or upon re-sale if the wife(buyer) is included as joint owner even when she is Not contributing to the payment amount ?

6. In light of any complications arising for above question, what is the best option to exercise in terms of repayment (EMI deduction), i.e. should we instruct bank to deduct EMI only from the husband's account or in parts from both husband and wife accounts?