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.
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