Property to be purchased by 5 partners
Stamp duty value 1.73 crore
Sale consideration 1.57 crore
Query:
1-whether sale consideration is as per law as compare to stamp duty value
2-what will be the total sale consideration feeded in form 26 qb for each partner?
Is it 1.57 each partner or equal share i.e 31.50 lac each.
Plz suggest
Hey @Mohammad_Nadeem
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If the stamp duty value exceeds 110% of the actual sale consideration, the stamp duty value will be considered as the deemed sale value for income tax purposes and TDS to be deducted on this amount.
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In Form 26QB, the total sale consideration should reflect the full value of the property, while the amount paid should indicate the buyer’s proportionate share.
Hope this helps!