Tds on property (2 sellers)

Need Clarification on following :-

I have purchase a Flat and Flat was in the joint name of Sellers (Owner :- Husband /Co-Owner :- Wife).. I have paid my contribution to Owner only and rest amount financed thru Bank and Bank has isused two equal cheques to Owner and Co-owner. But while deducting TDS I have deducted full TDS in the name of Owner only and issued Form 16B in the name of Owner.

Both Seller is filling Seperate IT returns and showing seperate income from capital gain (althought They have invested in other property so Tax liabilty will be Zero and TDS willl  refunded)

My quesry is whether TDS deducation was correct and there is no defalut from buyer side,?

Is there any legal problem can arise to Seller ?

 

 

 

Replies (3)
According to me you both required to deduct tds as per % of share if value of property exceeds rRs.50Lacs
How will transactions of joint parties (more than one buyer/seller) be filed in Form 26QB?

Online statement cum challan Form/ Form 26QB is to be filled in by each buyer for unique buyer-seller combination for respective share. E.g. in case of one buyer and two sellers, two forms have to be filled in and for two buyers and two seller, four forms have to be filled in for respective property shares.

I am a single buyer and have purchased property from 2 sellers ( husband and wife). I have filled the form 26QB with the entire amount for 1st  seller only. I didnt realize that I will have to fill separate forms for them. What should I do now?

Hi Geetika, what happened to your case? Did you have to correct anything?

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