Filling of Form 26QB in case of joint ownership
Me and My wife are joint owners in a property we purchased for 84 lacs, i need to deduct and pay 84000 as TDS on this sale, do we both need to fill the form 26QB as sales value of 42 lacs each and pay 0.5% or only i can pay the entire TDS using my PAN details, my wife is housewife and has no income though she has contributed some amount from her savings
Asked 6 months ago in Property Tax from Bangalore, Karnataka
The person who is going to show the capital gain amount in his/her return if income, should deduct the TDS.
TDS is to be deducted on each payment. So, deduct TDS @1% at the time of payment; TDS to be deducted by the person who has made such payments.