Entire TDS deducted on 1 buyer pan in case of co-owners

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This query is : Resolved

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A property buyer is seeking advice after the builder deducted the entire TDS on their purchase using only their PAN, despite having a co-owner. The property was jointly financed with a loan, but the co-owner made no direct payments. The advice given suggests that if the total TDS was paid on time, and the buyer covered all payments including the loan, it's acceptable to have deducted the entire TDS on one PAN for safety.

Pratik Srivastava

Pratik Srivastava (Querist)

13 July 2023 Hi Sir, what will happen if I filed only 1 form in case of 2buyer? I bought an under construction property from a builder who handled the TDS on my behalf but he paid the TDS only on my PAN and nothing on the co-owner, what should i do now?
The entire TDS was paid on time with each installment but it was entirely paid on my PAN and nothing on co-owner.

Dhirajlal Rambhia

Dhirajlal Rambhia

(Expert)

13 July 2023 How much co-owner has invested or likely to invest in the property?

Pratik Srivastava

Pratik Srivastava (Querist)

13 July 2023 The property value is 90 lacs out of which 50 lacs is paid from my account and 40 lacs loan (Me and my spouse took a joint loan). My Spouse did not make any payments but she is co-owner.

Dhirajlal Rambhia

Dhirajlal Rambhia

(Expert)

13 July 2023 In such case you can treat your wife as co-owner for safety purposes, and when you are paying total amount from your end, along with loan amount; there will be no harm if total TDS amount is deducted from your payment/PAN.

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