Filling Correct Values in 26QB

The form 26QB requires property value to be reported. We have bought an under construction property with payments in installments. I have 2 querrys on reporting the property value:

1. Should the total property value include GST

2. The agreement includes payments for club, advance maintenance, legal fee etc. Are these to be included while reporting total value

Appreciate guidance and clarification.

Replies (5)
Quick Summary
This discussion clarifies how to correctly fill out Form 26QB for under-construction properties paid in installments. Key points include excluding GST from the total property value and including all other charges except advances. It also addresses reporting the full property value when there are multiple buyers and clarifies that stamp duty value should be based on the circle rate.

1. No GST to be added.

2. All other charges to be included except advances.

Thank you for your response. Some further doubts:

1. There are 2 buyers with 50% ownership each. The property value is 2 Cr. So in reporting the total value, we fill 2 cr as total property value in the forms of the two buyers - as the form does not specify reporting proportionate purchase value

2. in case of payments by installments, while filling the 26QB for the last installment it asks for proprtionate stamp duty value. What is the stamp duty value?  Is this the value on which the stamp duty was paid OR is it the property value as based on circle rate. (please note that stamp duty is payable on higher of agreement value or circle rate value)

1. Here the property value for each buyer is just 1Cr.

2.  property value based on circle rate.

Hi - I have till now been filing this form entering the overall price for the property incld. GST. Do I need to correct previous filings? If yes, then how?

You may change them for current FY. Earlier one will not be helpful.

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