Hello everyone.
Query for TDS on property.
Property booked from builder, under construction, 2 joint buyers. Money paid in installments yearly as construction progressed . TDS 1% was properly deducted and deposited.
Money was paid from the joint account of both buyers.
But in 26QB all TDS was shown by one buyer by one PAN. 16B form also made in time of every installment and given to the builder.
Since 5 years same pattern followed.
Property is owned by more than one buyer box was ticked as "yes" in every 26QB. But details of co-owner was not mentioned there.
Query is
1) Was it wrong, if yes, how to rectify these past mistakes, as TDS was already claimed by builder in his returns.
2) is it okay if from now onwards for future installments, we show 2 buyers and make 26QB for both, making 2 16b TDS certificates.
Please guide.
CAclubindia
