TDS on immovable property two buyer +1 seller case

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This discussion addresses the complexities of Tax Deducted at Source (TDS) when two individuals jointly purchase a property. It explores scenarios where TDS was initially paid under one buyer's PAN and clarifies the process for handling subsequent payments and issuing necessary forms like 26QB and 16B. The advice covers declaring joint buyers and potential queries from the Income Tax Department if individual shares aren't specified.

Sanjay Joshi

Sanjay Joshi (Querist)

22 June 2024 We are two joint buyer in a construction linked one property flat valuing 52 lacs , Before June2024, 95% payment was made , the value of property is 52lac. The TDS 1 % is deposited from the PAN no of ist buyer only m now last payment of 5% is also made .
So should we co may last EMI TDS 1% also with Ist buyer PAN no Forms26QB or both buyer can deposite the TDS , In case of second buyer earlier no TDS was deducted . Also also Form16 B was also issued to builder as per the TDS deposited form ist Buyer .

Yes declared another joint buyer .
But not aware of share of individual. As system is asking for total consideration value .

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)

23 June 2024 Whether in the first first form 26B filled mentioned him as joint buyer?
If yes, whether share in the property declared?

Sanjay Joshi

Sanjay Joshi (Querist)

23 June 2024 Yes declared another joint buyer .
But not aware of share of individual.
As system is asking for total consideration value and Total Payment made in installment, Date of Payment.

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)

24 June 2024 If share of the second owner not declared. you my continue for final TDS with first owner, but do expect query from ITD.

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)

30 August 2024 Good luck.

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