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?
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Both the buyers need to file 26QB.
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Calculation provided is correct.
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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.
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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.
Hi,
Me and wife has paid TDS amount of 79885 (39443 x 2). i.e 1% of the property value. We registered the property on 20-02-25 and paid TDS on 22-03-25. However, on 25-02-25, we received “Short deduction Interest” of Rs.798. I thought as I have exceeded 30 days in filing TDS, they are putting some penalty and we paid the demanded amount (798 x 2). After going through the Justification Report, i understand that the short deduction interest is calculated based on the total amount we have declared (i.e 7988500). As per the Justification Report, I am yet to pay 50% of the TDS. Hence, 1% of overall TDS is charged for 1 month. When I tried to file correction, it was not fetching the challan details. (My second payment is still under processing).
Should I mention the stamp duty and amount paid as 50% of the total value of property ?
Is it possible to file correction once the processing of second payment is completed. Please help. Thank you
Account department on the seller side is of no use even though they have promised they will help in TDS filing. On their advice only, i put the total amount in the 3 columns while filing TDS!!!
Hello @vineeth_kumar.t
When filing Form 26QB for a jointly co-owned property, you should enter the proportionate share of the amount in both the Amount Paid/Credited and in the stamp duty. Additionally, you can file a correction return on the TRACES portal once your return is processed.
Hope this helps!
Thank you..
I have done it. I did a correction in 26QB by putting the paid amount to 3,994,250
Now, it is pending for approval from Seller and those guys are kind of stupid.. they do not have appropriate persons to do this kind of work !! I am following up with them for the past 2 days…Lets see