Form 26QB Total Value of Consideration (Property Value)

TDS
1

What is the ''Total Value of Consideration (Property Value)" in Form 26QB in case of 2 buyers with equal share?

2

Hey @Sanjan_19,

The total value of consideration in Form 26QB is the total value at which the property was sold regardless of number of buyers.

4

Hi @Sakshi_Jain
Thank you for the response.
I am told by the seller that it got shown as 2x the property value in his PAN because of us mentioning total value in Form 26QB by both buyers.
What could be the reason?

5

Value of consideration(Property Value) is the full value of property and
Amount Paid/Credited is the value of share of the seller/buyer.

If the amounts were reflected incorrectly, one can correct the Form 26QB using the Traces website.

The process for the same is linked below

6

Seller is saying that amounts reflected incorrectly because of putting full value of property by each buyer.

7

@Sanjan_19 So, there are different fields in Form 26QB that need to be filled.

Since there are 2 buyers with equal share in your case, here’s how the form should have been filed.

The “Total Value of Consideration (Property Value)” is the full value of property and not the share of each buyer.

Whereas, we need to enter the buyer’s individual share paid to seller (i.e. 50% of full value in your case) in the field “Total amount paid/credited to Seller”

Most probably, you would have entered the full amount of property purchase in the “Total amount paid/credited to Seller” field as well.

Now, this is what you can do:

  1. First of all, the buyer needs to correct the Form 26QB by following this process: Refer Step 3 "File Form 26QB – Correction Statement on TRACES in the linked article to understand the correction procedure for Form 26QB.

  2. In case the buyer has paid excess TDS, they need to apply for a refund. Read more about this here: Refund Request on the Traces