• 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 11 months ago in Property Tax

1. 50 Lacs

2. 10 Lac

3. Yes you can keep any ratio

 

Vivek Kumar Arora
CA, Delhi
5020 Answers
1144 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
439 Answers
11 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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