Question ID :
44890
TDS deducted under Section 194IA
The Property Purchase agreement has 2 buyers, the purchase of property is financed through Bank Loan and the EMI isnpaid by the primary borrower. However at the time of TDS decution and payment through Form 26QB instead of filing 2 form 26QB the primary borrower has deducted full TDS under his PAN and filed Form 26QB on full value under the contention that he is responsible for payment of the Home Loan. There is no loss to the revenue as the entire TDS has been deducted and deposited. Will there be any consequence for filing only 1 Form 26QB or is there a way it can be rectified?
Posted by
KOMAIL ABBAS TALAJAWALA
on
Jul 05, 2025
Filed Under
TDS/TCS
There will be no issue if the property registered in a single document. No issue for seller at all.
Posted by
VINAY BHARGAV KUMAR G on
Jul 10, 2025
Answer ID :
85968
Since you have two buyers, check tax and other implications for the buyers. If there is no problem it is fine, else it is always advisable to declare two buyers in the Form. Since that is not done, you can correct the Form by filing Rectification. You need to register and do the job in 'TRACES' Portal of IT Department
Posted by
Rupakula Rajasekhar on
Jul 12, 2025