Tds on joint property purchase
This query is : Resolved
29 April 2016
Dear Sirs, By mistake our seller was entrusted with filing TDS for a joint purchase which he did in full, but only against the 1st Buyer ! We now realise it could invite IT notice etc. But we hear that a new On-Line correction module has been launched in the last few days.Will it be possible to correct the mistake by adding a new challan for the 2nd Buyer,while halving the amount for the 1st Buyer as a kind of book adjustment ? And if Yes,will it involve Penalty,Late Fee,Interest etc for the 2nd Buyer ? Pardon if I sound absurd !
02 May 2016
if amount paid by the oth 50% or any ratio then they have to deduct and deposit the tds on payment amount. you can make correction of challan number and amount etc. not that you change PAN of deductor.
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03 May 2016
@ Rupesh Jain (Expert): Got the point sir. By now 50% of the payments have been made against the 1st buyer's PAN. Can we now switch over to the 2nd buyer's PAN for the remaining 50% ? If Yes, will the matter end there or will it still invite any Notice etc from ITO and Will there be any trouble at the time of Registration ? Pls give your valuable advise !
03 May 2016
yes you can make another 50% from second joint owner then issue is closed.
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