An individual has purchased a property with co-ownership for Rs. 66 lakh. TDS has been deducted and remitted only under one individual's name. There has not been separate form 26QB for each co-owner. In such case, how to show the property in ITR while filing?
Can it be shown as co-ownership even though TDS is deducted only in the name of one individual? Kindly clarify
For a jointly purchased property, the ITR should reflect the actual legal co-ownership share based on the sale deed, even if TDS was incorrectly remitted under a single individual's name via Form 26QB. However, to prevent tax mismatches and denial of credit, correcting or properly allocating the TDS credit to reflect the co-owners' respective shares is strongly advised.
Malhotra Rajesh & Associates
New Delhi
B.Com
View Details
Twenty Point Nine Five Ventures Private Limited
Noida
CA Inter
View Details
CA Suraj Garg & Associates
New Delhi
CA Final
View Details
Abic and Mani Chartered Accountants
Kottayam
B.Com
View Details
HKC | Chartered Accountants & Business Advisors
Ludhiana
CA
View Details
RMA And Associates LLP
New Delhi
CA Inter
View Details
CCI
Pro
CAclubindia
