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Calculation o 234E in case of joint property.
Property purchased jointly with wife, payment of which was done on 22.09.2017. She is just co-applicant in loan and property. TDS has been deducted but not paid till date. Now my query is how 26QB should be filled in. If filed separately then whether property value, interest on late payment of TDS needs to be calculated proportionately. What about 234E calculation, whether both of husband-wife needs to pay 234E late fee separately or proportionately.
Replies (4)
Any shares of the co-owners are specified in agreement........... like husband having 100% and wife zero percentage of share.
For undefined shares it is always divided equally...... so follow that criteria and pay tax with interest.
see in my case 26qb is late by 43 days as dt of payment is 22.09.2017. due date to file 26qb was 30.10.2017. so as on today, total days of failure comes to 43. hence 234E late fee for the payment dt 22.09.17 comes to Rs. 8600. now my query is whether both of us to pay 8600 each while filing 26qb or half of it.
Moreover whether late fee as per 234E is property specific or buyer specific. In my case failure to file 26QB within stipulated time has caused late fee of 8600 for my property jointly owned with wife.
If no. of buyer is n, then total late fee for the property will be n*200* days. Am i write?
If no. of buyer is n, then total late fee for the property will be n*200* days. Am i write?
It is buyer specific, and not based on property.
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