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26 QB - TDS

TDS 646 views 2 replies

A husband and wife are jointly purchasing property (mentioned as purchasers in Sale Deed). But only the husband is earning and is in effect paying for the purchase. While deducting TDS from seller, can 26QB be filed for the husband alone, instead of filing two 26QBs both for the husband and wife? The husband is also selling property in which he has 100% share. In the case where two 26QBs are filed, while doing IT filing, for capital gains exemption, can the whole purchase cost be claimed by the husband?

Replies (2)

TDS Deduction and 26QB Filing - *Joint Ownership*: When a property is jointly owned by a husband and wife, TDS should be deducted in proportion to their share in the property. However, since the husband is the sole earner and payer, he can deduct TDS on the entire amount. - *Filing 26QB*: It's recommended to file two separate 26QBs, one for each co-owner, to avoid any potential issues with the tax authorities. Although the husband can deduct TDS on the entire amount, filing two 26QBs will help in claiming the proportionate cost of acquisition and capital gains exemption. Capital Gains Exemption - *Claiming Purchase Cost*: For capital gains exemption purposes, the husband can claim the entire purchase cost only if he has a 100% share in the property. In the case of jointly held property, the cost of acquisition will be proportionate to their share in the property. - *Section 54 Exemption*: If the husband is selling a property with a 100% share, he can claim the exemption under Section 54 for investment in a new property, subject to the conditions specified in the section. Recommendations - *File Two 26QBs*: To avoid potential issues, file two separate 26QBs for the husband and wife, reflecting their proportionate share in the property. - *Claim Proportionate Cost*: Claim the proportionate cost of acquisition and capital gains exemption based on the share in the property. -

can 26QB be filed for the husband alone?
No.

can the whole purchase cost be claimed by the husband?
Yes.


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