Challan 26QB

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When purchasing an immovable property valued over ₹50 lakhs and registering it jointly with your spouse, you need to file Form 26QB. If your spouse has no independent income, you'll need to file a separate Form 26QB for each buyer, declaring 50% of the total consideration for your spouse and indicating that there is more than one buyer. The IT department may inquire about the source of funds for your spouse's share, so it's advisable to declare the amount gifted to her.

pranab sarma

pranab sarma (Querist)
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19 June 2023 I purchased an immovable property the value of which is more than 50 lakhs. All payment is done by me (from my savings) and from my bank account. I make my spouse my co-owner and therefore the property will be registered in the name of both. My spouse is housewife and does not have any source of income. My confusion is whether I have to file two 26QB for myself and my spouse or only one 26QB in my name ?
Next if I have to file only one 26QB in my name then how I will answer the question "Whether more than one buyer - Yes/No" while filing 26QB?
Please suggest and thanks ...

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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19 June 2023 The Form 26QB challan has to be filled by each buyer.
Say yes.

pranab sarma

pranab sarma (Querist)
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19 June 2023 Sir, that means I have to file two 26QB for myself and my spouse. As I mentioned earlier my spouse does not pay any amount ; all consideration is paid by me. Then what amount I put in my spouse 26QB ? is it 50% of total consideration ?
Next do IT department will ask where my spouse got money to buy the property ?
Please suggest , thanks .

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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19 June 2023 Yes, it's 50% of total consideration.
Say you gifted the money to her.

pranab sarma

pranab sarma (Querist)
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19 June 2023 Thank you CA Seetharaman Sir.

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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19 June 2023 You are welcome...
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