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Tds on property

TDS / TCS 238 views 3 replies

Hi

I recently purchased property with my wife as joint owner. All payments done by me. Loan is on my name. My wife is a home maker with no income and no ITR fillings. Do I need to still fill Form 26QB for her and generate Form 16B? If yes , then Is it ok to file only a minimum amount of TDS for her? Please help me  sort out this confusion.

Replies (3)
The situation is you are 100% owner of the property as total purchase consideration had been paid by yourself.

You just added your wife's name in the agreement for name sake.

in this, you deduct TDS @ 1% on entire value payable to seller and deposit TDS online vide Form 26QB .

As your wife's share is zero - no need for her about TDS.

if you wish you can keep the ratio of 95% your share and 5% your wife's share. The decision is yours.

Thank you Pravin for Clarification

No need to file TDS for her


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