Seeking Help with Filling 26QB Form for House Purchase

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)
Quick Summary
A buyer is seeking assistance with filling out the TDS 26QB form for purchasing an old house from two joint owners. They need clarification on the correct amounts to enter for total consideration, stamp duty, and TDS for each seller, especially concerning lump-sum payments via cheque. The discussion also touches upon the date of payment and potential additional fees from a tax auditor.

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.

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)

Property Value  ... 1.15 Crs.

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

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?

That is legal fees charged by your agent, which seems to be much higher as compared to the work involved.

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