Tds on property (2 sellers)

TDS / TCS 1502 views 3 replies

MANOHAR SEERVI

Service

41 Points Posted on 18 July 2014

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)

Guest

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.

Gittika Arora

2 Points Posted on 23 May 2018

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?