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194 ia - instrument should be in whose favor

This query is : Resolved

bhushan (Querist)
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10 November 2013 I'm purchasing RESALE flat of Rs. 56 Lacs and going to make payment by taking loan. My query is regarding 194 IA TDS. I need to inform bank to disburse payment in 2 instrument i.e. one instrument of favoring Seller'name of amount Rs.55,44,000 and other instrument of Rs. 56,000 (1% TDS). Query here is since bank is giving loan of 56 Lacs, in what name (favor of) I should demand bank to issue the instrument. As the money is not in my account i cant pay online. Or can i ask bank to credit it to my bank account and then i would from the pay from my back a/c in which Rs 56,000 is credited. Please advice

Nikhil Kaushik

Nikhil Kaushik (Expert)
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10 November 2013 it would be advisable for you to ask bank to transfer the relevant amount to your account and thereafter you may pay TDS from your account.

Alternatively, bank can also pay it on your behalf. It should not be an issue.

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