Query regarding TDS for property sale
This query is : Resolved
29 July 2024
Property is in name of husband and wife which they planned to sell. Buyer is single individual and has prepared a single sale deed and single demand draft mentioning both seller name (husband and wife name) . The demand draft planned to deposit in joint savings account of husband and wife where wife is primary holder.
Question is:
Does the buyer has to deduct tds for both husband and wife separately splitting the 1% of sale amount or
It can be deducted from only one seller ( husband or wife) and mark multiple seller option as yes since there is only one sale deed and one draft. In this case should the tds be deducted be with wife pan only since the draft is planned to be deposited to a joint account where wife is primary?
Pls suggest the right approach.
Question is:
Does the buyer has to deduct tds for both husband and wife separately splitting the 1% of sale amount or
It can be deducted from only one seller ( husband or wife) and mark multiple seller option as yes since there is only one sale deed and one draft. In this case should the tds be deducted be with wife pan only since the draft is planned to be deposited to a joint account where wife is primary?
Pls suggest the right approach.
29 July 2024
Yes, buyer should deduct 1% TDS from the shares of both the sellers & fill two forms 26QB one for each.
29 July 2024
Thank you sir for your response. No explicit share details is mentioned between sellers. Buyer side CA suggested only one payment can be done for tds since it is a single sale deed and single demand draft process. Do you see any issue if buyer deducts overall sale 1 % tds entire amount from wife pan and mark it as multiple seller as yes instead of splitting into 2 challans?
30 July 2024
In agreement only single seller will sign?
30 July 2024
Both seller will sign the single sale deed
30 July 2024
Sale deed of one property is always one, while TDS deduction for each seller is as per his/her ownership in the property.
30 July 2024
Thanks for clarifying sir.
30 July 2024
You are welcome.
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