Tds on payment of purchase of property of more than 50 lacs

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

17 April 2015 IF A PROPERTY IS PURCHASED OF RS. 1 CRORE IN THE JOINT NAME OF HUSBAND AND WIFE BOTH HAVING 50% SHARE AND THE PAYMENT IS MADE FROM THE JOINT ACCOUNT OF HUSBAND AND WIFE AND DEDUCTED TDS @ 1% I..E. RS. 100000.

ALSO, THE FIRST NAME IN JOINT ACCOUNT IS OF HUSBAND AND IN PROPERTY ALSO.

NOW THE QUERY IS, WHOSE NAME IN THE DETAILS OF TRANSFEREE IS TO BE FILED WHILE PAYMENT OF TDS IN FORM 26QB??

WHETHER TWO CHALLAN SHOULD BE MADE OR ONE FOR PAYMENT OF TDS TO GOVT. AS THE PAYMENT IS MADE JOINTLY BY HUSBAND AND WIFE FROM JOINT ACCOUNT?

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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17 April 2015 Two challans to be made and two forms of 26QB is to be filed.
In case of multiple buyers, each needs to issue Form 26QB separately.

Querist : Anonymous

Querist : Anonymous (Querist)

18 April 2015 But the husband and wife are paying the amount of purchase from their joint account. so how we will come to know that how much amount is paid by whom?

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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18 April 2015 Ascertain it from the concerned person else take it as 50%.

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