Form 26QB - 02 Buyer and 01 Seller

TDS & TCS
1

Please guide me if below understanding is correct and the follow-up query -

Total Property value = 01 Crore with 02 Buyer with 50% contribution each and 01 Seller

Demand-1 Raised for 20 Lacs and paid to builder

Q1) Does both the buyers need to fill up Form 26QB Separately?

Q2) If so, is below calculation correct for each Form 26QB

Total Value of consideration (Property value) = 01 Crore (Or should we divide this into 02 and put this as 50 Lacs for each buyer)

Installment: Yes
Total amount paid/credited in previous installment, if any (A) = Zero
Amount paid/credit currently (B) = 10 Lacs for each form 26QB (Is this correct? → Divided 20 Lacs into 02 for each Form 26 QB)
TDS Amount = 10 Thousand for each form 26QB

Q3) During Last installment - will this Not create a problem because Total Property value is still shown as 01 Crore, but Total amount paid till last installment is still 50 Lacs only in each form 26QB? How IT department will know to add remaining 50 Lacs from another co-buyer for same property?

2

  1. Both the buyers need to file 26QB.

  2. Calculation provided is correct.

  3. Property value shall be declared full and not the proportionate amount.

4 TDS will be deducted on amount paid by each buyer .

5 There won’t be any confusion in the last instalment as all the details of seller , buyers , % share etc will reflect in 26QB and the details of the whole transaction can be easily tracked by the Department.

1 Like
3

Rahul ji does your matter of short deduction shorted out. I have also the same concern. Please guide me if your concern is solved. Please DM on 9999679900.