If I purchase a property which is jointly owned, should I make payment (of the agreement value) to both the owners separately as per their share? Will the TDS be deducted from both the parties and separte 26QB/ 16B has to be genertaed?
Menu
TDS on Purchase of Property from Joint Owners
Replies (2)
I had a similar situation - the property was owned by two brothers. We paid into two accounts, specified the shares in the deed and executed two 26QBs and two 16Bs. Everything went smoothly. The main thing is to clearly follow the share distribution.
Thank you, Sir. I presume you were the buyer of the property jointly owned. Did you specify the shares of all the sellers in the deed you prepared? What was the document you relied on to ascertain the respective shares? Hope I am clear on the query. Thanks for your response.
Recent Threads
- Conversion of Capital Asset (Shares) into Stock in
- Income tax-wrong head challan
- Regarding berthing of vesse
- Schedule FA reporting - peak value and cash MMF
- Partnership firm with foreign national person
- Audit required
- Deemed Withdrawal of ASMT-13 Orders & Adjustme
- Need advise with HRA claim
- Schedule AL limit for FY 2024-25
- Can a person use ITR 1 when she has CG of Rs.250/
Related Threads
CAclubindia
