26QB FILLING WHEN PAYMENT MADE FROM OWN SOURCE

This query is : Resolved

Dibyendu Majumder (Querist)
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02 January 2023 Dear Sir,
My client purchased 1 property & include the wife's name in the deed of conveyance. But the fund against the said property was disbursed from his own source & from a Bank loan where also he include his wife's name as a co-borrower. His wife is a Housewife & I think he will re-pay the loan from his own source. Is 2 Nos 26QB need to be filed, one of his name & the name of his wife for payment of TDS U/s 194IA and need to tick the box 'more than one buyer' at the time of filling 26QB?

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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02 January 2023 YES, BEING BOTH COOWNWER AS PER DEED OF CONVEYANCE.

Dibyendu Majumder

Dibyendu Majumder (Querist)
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02 January 2023 But as per the Income Tax Act deemed owner is my only husband as he paid to enter money from his own sources and /or will re-pay money taken from the bank from his own source.
I think there is a difference in ownership between the legal & income tax views.
Kindly confirm, My client's obligation is filling a 2 Nos 26QB form although his wife does not contribute anything relating to the purchase of the property.

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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02 January 2023 Income tax act is not against any other legal act/s.
You may get notice from IT department, if you had filed only one 26QB; while sub-registrar will submit the document details as two co-owners.

CA Susheel Gupta

CA Susheel Gupta (Expert)
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02 January 2023 In case of indeterminate share of ownership, two shall be considered as equal co-owner.
View of Mr. Dhirajlal is logical as it is better to take precaution.

Dibyendu Majumder

Dibyendu Majumder (Querist)
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03 January 2023 Is at the time of Registry they both get up to INR 1,50, 000/- exemption u/s 80C for payment of stamp duty & registration fees? Is any rent gets from this property both equally share and shows their income? If any capital gains arising from the sale of that property in both equally share and show their individual return?

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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03 January 2023 1. Sec. 80C benefit to both... yes..
2. Rental income ... can be declare the way you wish..
3. Capital gains taxability depends upon your sale deed at that time of sale..

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