194-IA Full TDS Deposited in Name of Wife, instead of 50 %

Income Tax Income from Capital Gains
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  1. A Husband and Wife had jointly owned a Flat in Mumbai with equal share. It is shown in respective Balance Sheets till FY 2022-23.

  2. In November 2023, they sold the Flat and the Sale Agreement was executed in their Joint Names.

  3. The entire Sale proceeds were deposited with Joint Bank Account of both.

  4. However, only 1 26QB with full Amount of TDS was filed by the Seller in the name of the Wife only.

Query:

We plan to show equal LTC Loss in their respective ITRs of FY 2023-24. Husband will pay Tax on his Taxable Income, if any, without adjusting TDS under section 194-IA.

Wife will claim full Amount of TDS under section 194-IA in her ITR and will get Refund as eligible.

Please share your views.

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A post was merged into an existing topic: Form 26QB Query