We (me and my wife as co-applicant means 50:50 ownership) have booked an apartment of Total value Rs 1,40,00,000 from a Builder. We are NRI and my wife is a housewife . We have NRE/NRO joint account from which the booking amount is paid and rest of the amount will be also paid from our joint account. As per our understanding, each of us has to file 26QB form separately. My questions are the following:
(i) Do we have to divide the total Value of the property and each of us write 70 lakhs as the total value of the property in our respective 26QB forms separately or each of us write 1, 20, 00,000 as the total value in each 26QB forms separately.
(ii) We paid 5 lakhs as booking amount from our joint account. So, is this amount to be divided into two(i.e. 2.5 lakhs each) and then each of us write 2.5 lakhs as amount paid separately in each 26QB forms separately.
(iii) If answer is yes to Question No. (ii), then should each of us deduct 1% TDS on our respective amounts of 2.5 Lakhs and write separately in our 26QB forms and the same method will continue for the rest of the payments.
(iv) Being NRI, which address we should write in 26QB forms ? Present (Foreign Address) or Permanent Indian Address ?
I look forward to hear from you at the earliest.
Dr Jasbir Singh Manhas