FORM 26QB

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When filing Form 26QB for joint property purchases, the 'total value of consideration' should reflect each buyer's individual share, not the full property value. If you've previously entered the full value and noticed double entries in the seller's AIS, this is likely due to the form's update on 21.06.2022, which now requires individual share amounts.

Saikumar Rayala

Saikumar Rayala (Querist)
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20 August 2022 while filing the Form26qb in case of joint buyers, what should be value in box where "total value of consideration(property value)"? Whether it should be complete value of property or only the share of the buyer?
Example:- if property have is 1.2Cr and 50% share for 2 buyers, what should be value in "total value of consideration(property value)"

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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20 August 2022 The agreement value of the property.
In the example... Rs. 1.20 Crs.

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Saikumar Rayala

Saikumar Rayala (Querist)
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20 August 2022 1.Thanks for the clarification.
2. Follow on doubt:- when we do like aforesaid, AIS of the seller is reflecting double the amount i.e., as per the example 2.40Cr. Should I consider this as system error?

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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20 August 2022 You have to clarify in column ... Whether more than one transferee/payer/buyer (Yes/No).
After that the consideration will be as per the the trasferee's share..

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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20 August 2022 The form has changed on 21.06.2022, where by the total value of the property has been deleted. & only Total value of consideration has remained. So, each transferee/payee in the example need to fill only the amount payable by him/her.

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