Seeking Help with Filling 26QB Form for House Purchase

TDS 236 views 5 replies

Siva B

5 Points Joined September 2024

Hi everyone,

I'm planning to buy an old house with land for ₹1.15 crore from two joint owners. I'm trying to fill out 26QB forms for both sellers with the following details:

Property Type: Building
Total Consideration: ₹1,15,00,000
Payment Type: Lump Sum
Higher Stamp Duty: No
Amount Paid/Credited (B): ₹5,75,000 (each seller)
Total Stamp Duty (C): ₹5,75,000 (each seller)
TDS Paid: ₹57,500 (each seller)

Please let me know if I've filled these details correctly for both sellers. I'm paying the money by check and deducting TDS at the time of payment. If the sellers take a week to encash the check, should I enter their share amount in the field (B) of the 26QB form?

Any help or advice would be greatly appreciated. Thanks!

Replies (5)

Dhirajlal Rambhia

SEO Sai Gr. Hosp.

208298 Points Joined July 2016

Value of (B) & (C) ... Rs. 57,50,000/-

No rectification in date even if it is presented late. Date on the cheque is the payment date.

Siva B

5 Points Joined September 2024

Thank you for your reply. To clarify, should the 'Total value of consideration (Property Value)' field in the 26QB form be filled with ₹1.15 crores or ₹57.5 lakhs? (for 2 sellers)

Dhirajlal Rambhia

SEO Sai Gr. Hosp.

208298 Points Joined July 2016

Property Value ... 1.15 Crs.

Sellers .... two.... ratio... 50:50.

Siva B

5 Points Joined September 2024

Local tax auditor is proposing a 1% fee for the buyer's side. This fee would be in addition to the 1% previously paid for the seller's side. Is this additional charge allowed under the relevant tax laws?