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.
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
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
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
- GSTR-1A How to update Invoice
- Excess salary payment.
- Current Account Opening for Sole Proprietorship with Udyam Certificate - Zero Turnover
- INTEREST APPLICABLE ON ITC REVERSAL PORTION
- TDS on Purchase of Immovable Property by NRI from NRI
- Capital gain from sale of house property
- Stamp Paper for partnership firm change new income tax 2025
- SFT Cash Deposit in Current Account
- FORM 26A APPLICABILITY
- When TDS on GST applied
- Cash gift by grand mother to her grand daughter
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
- Regarding change in correspondence address in SSP portal
- No Compliences after incorporation
- USEFUL LIFE OF USED/SECOND HAND COMMERCIAL VEHICLES
- Claiming TDS deducted by builder on Hardship compensation and Corpus
- Address Change to another state of a Registered Trust with 12AB approval
- Updated return in budget 2026
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
