Home loan from bank & multiple buyers tds concerns

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Anil (Querist)

22 June 2016 Hi,

we haven a home loan from bank and we have 2 buyers of that property (banker provided the joint loan ac). banker has paid 5th EMI and asking to pay TDS from our end. In 2 buyers who has to deduct the tds and pay dept.

Rupesh Jain

Rupesh Jain (Expert)

22 June 2016 if you are buying the property then tds u/s 194ia you have to deduct the tds and deposit by both of you 50%-50%.

Anil

Anil (Querist)

22 June 2016 2 buyers are me & my spouse. bank made emi of rs.30lakh for the 5 the emi. how could i make the tds payment

Rupesh Jain

Rupesh Jain (Expert)

22 June 2016 pls tell why bank will pay the EMI.

Rupesh Jain

Rupesh Jain (Expert)

22 June 2016 if bank make payment on behalf of you then tds responsibility of yours on bank payment date you have to consider for tds payment.

Anil

Anil (Querist)

22 June 2016 on behalf of us banker made the payment through our loan ac. hence i will divide the total installment payment into 50/50 and i will make the tds payment to dept on our both PAN cards 50/50. is it right or not?

Rupesh Jain

Rupesh Jain (Expert)

22 June 2016 yes, you have to make payment of tds 50-50% in both a/c.

Anil

Anil (Querist)

22 June 2016 Thanks, i will deduct tds on 50/50 for both PAN...

Rupesh Jain

Rupesh Jain (Expert)

22 June 2016 yes , you have to deposit tds on 50-50% amount in your both PAN.

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