TDS on Property Filling Form 26 QB

I was filling the form 26QB for TDS and had a query. The sellers are joint owners (husband and wife). Now while filling the form, I know I have to fill two forms, ie. 1 each for both joint owners. However while filling the form, what is the value I need to put under below fields?

Total Consideration:
Will the Total Value of Consideration be the full amount on both the forms or 50% in each form? Eg. If the value of property is 1cr, will Total Value of Consideration be 50 lakhs each on both forms or 1Cr in both forms??

Total Amount Paid:
Will the Total amount paid be 50% of 1 Cr for each of the 2 forms, i.e 50 lakhs and 50 lakhs? The amount is paid in lumpsum.

Rounding off the amount:

Lastly, there is no option in the below drop-down for paise as the amount is in decimal. The total value is 1cr and 1 rupee. Can I round it to 1cr 2 rupees so that the split will be 50laks and 1 rupee as there is no drop-down to select paise?


 

Replies (4)
Quick Summary
This discussion clarifies how to fill Form 26QB for TDS on property when sellers are joint owners (husband and wife). For joint owners, the full property consideration must be entered in the 'Total Consideration' field on both individual forms. However, the 'Total Amount Paid' should be split equally between the two forms. Advice is also given on rounding off the property value to avoid scrutiny issues.

Dear Sir,

In consideration column, you need to put full amount of consideration of Rs. 1 cr in both forms.

In total amount paid column, you need to write Rs. 50 lacs each in both form.

In rounding off, please restrict it to Rs. 1 cr since slab for scrutiny will change once you out more than Rs. 1 cr value.

For more details you can email us on psandac @ gmail.com 

Thanks, the exact value is 1,04,38,303. shall I round it to 1,04,38304?

Dear Sir,

 

You can make it

Thanks

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