Form 26QB Total Value of Consideration (Property Value)

@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