TDS filing for 55L

Form 26QB and Consideration Value Form 26QB is used to pay Tax Deducted at Source (TDS) on the purchase of immovable property.

Consideration Value for Joint Buyers For joint buyers, the consideration value in Form 26QB should be reported proportionally, based on each buyer's share of the property.

Example: - Total consideration value: ₹55 lakhs - Buyer 1's share: 30 lakhs - Buyer 2's share: 20 lakhs - Buyer 3's share: 5 lakhs Each buyer should report their respective share of the consideration value in their Form 26QB.

Total Stamp Duty Value of the Property The total stamp duty value of the property should be reported based on the actual stamp duty paid, which is typically a percentage of the property's value. Stamp Duty

Value for Joint Buyers For joint buyers, the stamp duty value can be reported in proportion to each buyer's share of the property, similar to the consideration value.

Example: - Total stamp duty value: ₹2.75 lakhs (assuming 5% of ₹55 lakhs) - Buyer 1's share: ₹1.65 lakhs (30% of ₹2.75 lakhs) - Buyer 2's share: ₹1.1 lakhs (20% of ₹2.75 lakhs) - Buyer 3's share: ₹0.275 lakhs (5% of ₹2.75 lakhs)

 Each buyer should report their respective share of the stamp duty value in their Form 26QB. Important

Considerations 1. _Verify state-specific rules_: Confirm the specific rules and regulations for your state regarding TDS on property purchases.

 2. _Consult a tax professional_: Ensure accurate guidance and compliance with tax regulations. By reporting the consideration value and stamp duty value proportionally, each buyer can fulfill their TDS obligations accurately.