Query in tds on sale of property (joint buyer)

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This query is : Resolved

Siddharth (Querist)

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?

Amol S Joglekar

Amol S Joglekar (Expert)

22 October 2015 yes, you can deduct the entire amount from your payment, no issues.

Siddharth

Siddharth (Querist)

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)?

Amol S Joglekar

Amol S Joglekar (Expert)

26 October 2015 When the % ownership is NOT mentioned in the deed, you are at liberty to decide the same.

Siddharth

Siddharth (Querist)

26 October 2015 Oh.. Okay.. Thank u so much..

Siddharth

Siddharth (Querist)

26 October 2015 And, so from whose bank account how much payment was made for the deal is not relevant right?

Amol S Joglekar

Amol S Joglekar (Expert)

26 October 2015 You are most welcome.
(Even you can claim 100% for you and say that the second name is PUT for the sake of "family Convenience")