Tds u/s 194-ia

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SANJAY KUMAR GULATI (Querist)
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13 July 2013 Whether TDS on Sale of Property will be applicable if the Property is in Joint Name and Sale consideration is more the 50 Lacs ?

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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13 July 2013 YES SINCE SALE CONSIDERRATION EXCEEDS 50LACS IRRESPECTIVE OF NUMBER OF HOLDER TDS NEEDS TO BE DEDUCTED.

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Ganeshbabu K

Ganeshbabu K (Expert)
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14 July 2013 1)Yes.he would have to withhold taxes on 1% of the entire sale consideration even though the individual shares of the co – owners may be less than the threshold limit of Rs 50 lakhs.

2)But if is is possible you to purchasing their share seperately and a seperate deed was executed for their share TDS not be required as it fails to exceed threshold limit.

But in your case TDS applicable as i said in point 1.

3)So you need to deduct TDS as per their respective shares of co-owners and file form 20QQB.

please refer full procedure if you want to know..

https://www.caclubindia.com/share_files/all-about-194-ia-of-the-income-tax-act-1961-57232.asp

Thanks & regards
Ganesh babu k

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