Stamp Duty value of Property: Rs. 86 Lacs. Joint Sellers (Husband&Wife) and Joint Buyers(Husband&Wife). Buyers paid Rs. 20.25 Lacs to the sellers upto 9th November 2024. Deducted TDS on full property consideration value 86 lacs and deposited the TDS on 09.11.2024 and filed form 26QB on 09.11.2024 (4 TDS challans of Rs. 21,500 each filled for per seller-buyer pair). Rest of the payment will be done through bank loan. Unfortunately, one of the joint sellers has passed away on November 18, 2024. Now the further procedure of selling the property will be carried out by the co-owner/seller of the property. This deal is delayed now due to requirement of court's permission to sell (seller has a minor son). The registration could not happen in FY 2024-25, it will now be done in FY 2025-26. In this case, what shall be done from the point of view of TDS that is already paid?
- Can we use the same form 26QB for registering the property. Or do we need th change the financial year?
- Do we need to change the PAN of the deceased seller (Husband) and replace it with the surviving seller (wife)?
- Anything else to be done?
Please suggest.
CAclubindia
