When a house is sold as a joint property but the Tax Deducted at Source (TDS) is made for one individual, the TDS needs to be apportioned between the co-owners based on their ownership share. The buyer should obtain the PAN details of all co-owners and file separate TDS returns (Form 26QB) for each owner, reflecting their respective shares. Each co-owner should also receive a separate TDS certificate (Form 16B). This ensures proper credit of TDS in each co-owner tax records, aligning with their respective shares of the sale proceeds.
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What is the TDS on Sale of Property in Case of Joint Sellers?
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Complete TDS is made for one individual but the house is sold as a joint property. How to deal with this?
Deepak
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2024-07-01T14:03:20+00:00 2024-07-02T10:52:57+00:00Comment
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