banner_ad

TDS on Purchase of Immovable property

This query is : Resolved 
Profile Image

Profile Image

(Querist)
27 June 2020 My client has purchased an immovable property of Rs.7700000 in joint ownership. There are 2 buyers (50% ownership each) and 1 seller. Do I need to deduct TDS@1% since the value is more than Rs.5000000. Or the limit of Rs.5000000 will be seen in case of each buyer individually and hence there will be no TDS.
Profile Image

Bhaskaran Chackrapani Warrier

Profile Image

Bhaskaran Chackrapani Warrier (Expert)
27 June 2020 Income tax Act is not clear on the issue raised. However, Income tax Appellate Tribunal, Delhi in the case of Mr. Vinod Soni Vs.ITO (decision fated 10-12-2018), said Rs. 50 lakhs limit is applicable with respect to the amount related to each transferee. But the registration department will accept the decision or not has to be seen.
Profile Image

Rahul varshney

Profile Image

Rahul varshney (Expert)
07 July 2020 Each transfree being the saperate income tax entity, law has to be applied with respect to each transfree.
No requirement of deducting TDS in this case.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now


CCI Pro
Join CAclubindia WhatsApp Finance Community & stay updated with the latest TAX news, compliance alerts and important updates all in one place!


Similar Resolved Queries


loading


Unanswered Queries


banner

Trending Online Classes

view all classess

CCI Pro
Meet our CAclubindia PRO Members
Subscribe Now

Follow us
add to google news


Answer Query



Quick Links



Browse by Category




Latest Job Openings

View all
Company
29 May 2026
Company Secretary - Part time

Shaswat initial support private limited

Ahmedabad

CS

View Details
Company
23 May 2026
Article Assistant

Geeta Manchanda & CO.

New Delhi

CA Inter

View Details
Company
16 May 2026
Audit clerk

mgirt & co

Bengaluru

CA Inter

View Details
Company
23 May 2026
Account Executive

SMJ global advisors pvt ltd

New Delhi

B.Com

View Details
Company
07 June 2026
Tax Associate

Rajkumar Jain & Co.

Ahmedabad

Graduate (Any)

View Details
Company
ARTICLESHIP 15 May 2026
Audit Assistant / Article Trainee / Intern

SSGS and Associates

Chennai

CA Inter

View Details
Company
Featured 27 May 2026
Lead Conversion Executive / Sales Closing Executive

SMJ global advisors pvt ltd

New Delhi

B.Com

View Details
Company
04 June 2026
Semi Qualified CA

Goyal Puneet & Associates

New Delhi

CA Final

View Details