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Form 26QB filing for Join property owners

TDS 380 views 1 replies

Madav

Senior Consultant

172 Points Joined April 2014

Hi,

I bought a under construction property for more than 50 lacs along with my wife and started paying installment to builder , I have following questions related to TDS payment for this

1. As per my builder I have to pay TDS on installment within 7 days of installment payment , but I checked the rule it says I have 30 days from the end of month in which installment was paid. Can you please clarify what is right period to make the payment?

2. This property is jointly owned by myself and my wife but I am making all the installment payments and as well as TDS, is it mandatory for my wife also to fill out form 26QB. My wife is not a tax payer but she does have PAN.

3. What is penalty clause if my wife has not submitted the form 26QB, please note TDS is fully paid by me so even if she files the form 26QB , it will be only for Rs 0.

4. After making the TDS payment , do I need to issue any form to builder?

Appreciate your help!!

Replies (1)

Dhirajlal Rambhia

SEO Sai Gr. Hosp.

209974 Points Joined July 2016

1. Yes, it is within 30 days from the end of the month of TDS deduction.

2. Better to file by both the joint holder.

3. You may get query, from the department, and the same is to be handled by qualified professional for convincing ITD that there was no short deduction of tax.

4. Yes, need to download form 16B from TRACES within prescribed time and issued to builder