TDS U/S 194IA for joint buyer

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This discussion clarifies the process for deducting Tax Deducted at Source (TDS) under Section 194IA when a property is jointly owned. It addresses whether one or both joint buyers must file Form 26QB, especially when only one buyer made the full payment. The consensus is that if the property deed doesn't specify ownership shares, a 50:50 split is assumed, requiring separate Form 26QB submissions for each owner, even if only one contributed financially.

PROBIR KUMAR SAHA

PROBIR KUMAR SAHA (Querist)

18 October 2022 A purchased a flat and added his wife B as joint owner (who has no income except some bank interest but still files IT returns).
A paid the total amount of 80 lacks from his bank account by draft to X the seller.
SHOULD A DEDUCT 80000 AND SUBMIT 26QB OR A and his wife B both should submit (two )26QB in the name of X.

Dhirajlal Rambhia

Dhirajlal Rambhia

(Expert)

18 October 2022 What would be share of wife in the property, as per agreement/deed?
If nothing mentioned in the deed, take it as 50:50 ratio and file forms 26QB accordingly...

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PROBIR KUMAR SAHA

PROBIR KUMAR SAHA (Querist)

18 October 2022 Two 26QB ? Even when wife made no payment.

Dhirajlal Rambhia

Dhirajlal Rambhia

(Expert)

18 October 2022 Yes, as the form is to be filed as per share in the property.

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