Tds on immovable property sec 194ia

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

29 December 2014 HI,

I HAVE TAKEN A ONGOING CONSTRUCTION FLAT AND AM PAYING THE INSTALLMENTS TO THE SELLER AND DEDUCTING THE TDS ALSO.

PROPERTY IN THE NAME OF ME & MY SPOUSE,ACTUALLY I HAVE PAID 2 INSTALLMENTS THROUGH MY SAVING BANK AC AND DEDUCTED TDS THROUGH MY PAN.

NOW I WOULD LIKE MAKE THE INSTALLMENT PAYMENTS THROUGH MY SPOUSE AC WHICH IS A CAPITAL GAIN AC.

MY QUESTION IS- IS I CAN NOW PAY THE INSTALLMENTS & DEDUCT TDS THROUGH MY SPOUSE PAN OR NOT FOR ONGOING INSTALLMENTS OF THE IMMOVEABLE PROPERTY.

Rupesh Jain

Rupesh Jain (Expert)
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29 December 2014 its deducting when you make agreement of purchase and deposite the same time.
its not required to deduct on every installment.
due to in law amount payable or paid which ever in earlier clause present.

Querist : Anonymous

Querist : Anonymous (Querist)

29 December 2014 THANKS, BUT THE SELLER ASKING THE TDS DEDUCTION FOR EACH INSTALLMENT, SO THAT CAN I DEDUCT THE PRESENT INSTALLMENT TDS THROUGH SPOUSE AC & PAN ?

Rupesh Jain

Rupesh Jain (Expert)
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29 December 2014 r/sir

pls see him the section 194IA. in which clearly mention you have to deduct TDS on payment or credit the account which ever is earlier.

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Querist : Anonymous

Querist : Anonymous (Querist)

29 December 2014 SIR FINALLY ONE THING NEED TO BE CLARIFY IF THE IMMOVEABLE PROPERTY IN JOINT NAME EACH BUYER CAN DEDUCT THE TDS ACCORDING TO THE HIS/ HER PORTION PAYMENT OF INSTALLMENT.