Tds in case of jointly purchased property
This query is : Resolved
ESMAIL SITABKHAN
(Querist)
05 December 2024
In case property purchased worth Rs.70 lacs by husband and wife jointly. will TDS deduction be applicable ????as individual limit will be below 50 lacs(i.e. 35 lacs)
05 December 2024
If the total consideration paid by all buyers exceeds INR 50 lakhs, TDS must be deducted, regardless of whether each buyer's individual contribution is below this threshold. For example, if two buyers each contribute INR 35 lakhs towards a property worth INR 70 lakhs, both are required to deduct TDS on their respective payments.
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