Tds on sale of property
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
19 June 2014
Dear Sir,
Mr A (buyer) pays amount of in excess of Rs 50 Lacs including taxes to Mr B(Builder)in the financial year 2011-12, however the said property is not registerd Till Date
Now Mr A does not want the property and agreed to receive the amount already paid in the Financial Year 2010-2011
Mr C, (Atual Buyer) wants to Purchase the above mentioned property in the Current FY 2014-2015 and he will making the payment to Mr A(first Buyer)
but the actual property is still in the name of Mr.B(Builder)
1) In whose Favour TDS needs to be deducted
a) MR.A (Firt Buyer) Possessor
b) Mr.B (Builder) actual owner
Since a Tripartie agreement is entered into between the 3 parties .
Kindly do the needful
Best Regards
Prasad DVS
Mr A (buyer) pays amount of in excess of Rs 50 Lacs including taxes to Mr B(Builder)in the financial year 2011-12, however the said property is not registerd Till Date
Now Mr A does not want the property and agreed to receive the amount already paid in the Financial Year 2010-2011
Mr C, (Atual Buyer) wants to Purchase the above mentioned property in the Current FY 2014-2015 and he will making the payment to Mr A(first Buyer)
but the actual property is still in the name of Mr.B(Builder)
1) In whose Favour TDS needs to be deducted
a) MR.A (Firt Buyer) Possessor
b) Mr.B (Builder) actual owner
Since a Tripartie agreement is entered into between the 3 parties .
Kindly do the needful
Best Regards
Prasad DVS
CA. Nage Gowda
(Expert)
19 June 2014
It would be advisable that Mr. C directly pay the sale consideration to MR. B and then MR. B pays to Mr. A for cancellation of earlier agreement.
Now MR. C can deduct TDS in the name of MR. B.
Now MR. C can deduct TDS in the name of MR. B.
Rupesh Jain
(Expert)
19 June 2014
MR C MAKE Agreement with B not with the builder. C deduct the tax of A. after that A do any thing with the money.
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