Form 26 QB and 16B
This query is : Resolved
07 December 2024
My wife and Me (Buyers) are purchassing a flat and we had done an Agreement of Sale with the seller(s) - Husband and Wife joint owner of the property. They are also co-applicants in their running home loan on the property under sale here. Now, we have paid our contribution to the Seller(s) and also deducted TDS @1% of the total sale amount and 16B are ready. We were planning to do the registry of the flat in few days. We are also taking home lan from the same bank and it will be a loan balance transfer from buyers home loan account to sellers home loan amount and rest amount will be given to them via demand draft by the bank on the day of registry. Now, unfortunately, the cowner husband (seller) of the property has passed away. Now the wife (seller) will execute everything. Is there a requirement of changing form 26QB and 16B which is in the name of deceased to his wife's name before registry.
07 December 2024
As the co-owner of the property has passed away, now the legal heirs of the deceased will come into his rights, So, new agreement will have to be made. Contact a lawyer who can settle the issue as per law.
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