I have purchased flat (Cost 150 Lac ) in march 2015 with my wife ass co-owner.from one reputed builder. My wife is full time working women. there is no percentage ownership mentioned in agreement. I paid full 1 % TDS (i.e. 1,50,000 Rs) from my account ( My own PAN) in april 2015. please suggest me do my wife also need to fill form 26QB quoting her PAN.
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Form 26qb 2 seller 2 buyer
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Actual procedure not followed. No question of any modification now, unless department enquiry arises.
What is procedure in this case?
When actual share is not clear, co-owners are supposed to be owner of equal shares in the property. Hence TDS (for deduction) has to be shared by each co-owner separately. When the sellers are also more than one, each are liable for tax deduction. Though here its only builder, but suppose seller were also two, each purchaser would deduct TDS for each seller, and hence 4 forms of 26QB would have been required to be filled (of course, within due date).
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