Tds on sale of residence flat
This query is : Resolved
kumudprakash k doshi
(Querist)
03 May 2013
as per new provision of income tax act wef 01/06/2013 1 % TDs will be deducted by the purchaser of property . In case of Joint ownership A holds50: and B holds 50 % share in the property now they want to sale of the same on Rs. 2.00 Crore.so 1 % of this will be Rs. 2.00 lakh will be deducted by the purchaser but how A and B Will claim in their personal return, whether the purchaser will issue two seperate TDS certificate of Rs. 1.00 lakh each or what
Ashish Bansal
(Expert)
04 May 2013
In case, consideration for sale is flowing to both the co-owners, purchaser need to deposit tds in both name and will have to issue tds certificate to each party (Rs. 1 lac each).
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