TDS on joint property

This query is : Resolved

suren (Querist)
Follow

20 January 2021 Hi, please guide.
My client is buying property in joint name from joint sellers of the property. There is no mention of ownership ratio in the joint property owned by the sellers. The property is in the name of Wife and Husband. The sellers has also taken loan in joint name. However, the Husband says majority of investment has gone from his income. How the TDS is to be deducted in this case? Is it to be 50:50 as ownership ratio is not there in agreement? If yes, how the wife and husband show capital gain in their returns? If wife's investment is negligible, there would be hefty gain in her account and if Husband is the main contributor, there would be loss in his account. What is the correct treatment and what the buyers should do while making payment and deducting TDS?

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
Follow

21 January 2021 Buyers should deduct TDS 50:50 unless otherwise requested. Husband can request the ratio at which TDS to be deducted, buyer can deduct accordingly.
Husband and wife can show capital gains based on their investment.

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Join the CA Students WhatsApp Community for ICAI Updates, Trending Courses & Notes!

Similar Resolved Queries

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

bhagat ram goyal

jagadheswar goud

Jaipal Singh

HITESH PATEL

NISHANT SIPANI

Subscribe Now

TDS on joint property

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

Senior Executive

Manager- Finance and Compliance

GST CONSULTANT

GST CONSULTANCY

Accountant

CA Final

Article Assistant

Associate CA