Home loan & tds deductions
This query is : Resolved
22 June 2016
HI,
I HAVE TAKEN A HOME LOAN FROM THE BANK AND BANKER HAS GIVEN LOAN TO ME ON ME & MY SPOUSE BECAUSE OF THAT PROPERTY ON BOTH OF OUR NAMES. NOW MY QUERY IS ON WHICH PAN CARD I NEED TO DEDUCT THE TDS TO PAY THE DEPT.
I HAVE TAKEN A HOME LOAN FROM THE BANK AND BANKER HAS GIVEN LOAN TO ME ON ME & MY SPOUSE BECAUSE OF THAT PROPERTY ON BOTH OF OUR NAMES. NOW MY QUERY IS ON WHICH PAN CARD I NEED TO DEDUCT THE TDS TO PAY THE DEPT.
CA SUNIL K GARG
(Expert)
22 June 2016
While loan is taken from bank, there is no need to deduct TDS.
22 June 2016
THANKS BUT THE BANKER ASKING PAY TDS FROM MY END AND BANK MADE THE EMI. IF ANY LINK ON IT COLUD YOU SHARE US
CA SUNIL K GARG
(Expert)
22 June 2016
As per Section 194A of the Income Tax Act, 1961 a business enterprise (proprietary concern covered u/s Section 44AB, company, firm, etc) has to deduct tax (TDS) on the interest payable towards the loan from NBFCs.So there is no need to deduct TDS in case of banks.
22 June 2016
HI , as per the web -How to Deduct TDS on Property Sale u/s 194IA-The responsibility to deduct TDS on Property Sale rests solely with the Buyer even if it is financed by Home Loan or property is purchased from the builder. In some cases, Bank can deduct TDS on property from disbursement and help in depositing TDS on buyers behalf but they are not obliged to do so. You have to give written request to Bank for the same.
Message likes :
1 times
Rupesh Jain
(Expert)
22 June 2016
you are buyer, tds is liability of buyer you cannnot tfr to any other, both buyer deduct the tds on 50%-50% amount and file the return .
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Depreciation Chart Companies Act
- GST Audit whether Govt Companies are exempt?
- PTRC Show Cause Notice on Email
- Unable to File TDS Q2 Return – New TRACES Portal Error
- Utilisation Fy 25-26 TDS challans in Fy 26-27 TDS Return
- Capital Gail Exemption Certificate
- Oct 2025 Invoices
- SECTION 393(3) TAX ON CASH WITHDRAWAL
- Taxation of crypto futures in India Fy 2026- 2027
- EPF ECR NEW RULES Sep 17th 2026
- Not ordinarily resident having partnership income in India and salary in USA is any form to filed be
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
