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?