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Query in tds on sale of property (joint buyer)

Siddharth (Thinker) (267 Points)

22 October 2015

Hi, I and my wife bought a flat from a seller. In the agreement the buyers mentioned are me and my wife. No % as such is defined in the agreement. Majority of the payment has been from my account. So in this case, how should I fill form 26QB? Can I pay the entire TDS from my account?

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2 Replies

Karthik.V.Kulkarni (Chartered Accountant) (594 Points)
Replied 22 October 2015

Yes you can deduct whole tds if tds is applicable.

Siddharth (Thinker) (267 Points)
Replied 23 October 2015

But then, suppose I sold one house and bought this house. The consideration for the house I sold is Rs. 1.05cr and the house was in my name. And this house I bought is worth say 1.6 cr but it is in mine and my wife's name. So if I claim the entire TDS then what about the capital gains factor? Coz when the house is in 2 people's name then wouldn't it be 80lacs each. And in that case wouldn't I come under capital gains (1.05cr - 80 lacs)?