Tds u/s 194ia
This query is : Resolved
vinita kedia
(Querist)
21 October 2013
Dear all,
I want to know that if there are co buyers of a property whose value is more than 50 lakhs and payment is to be done by both the buyers, then whether TDS is to be deducted by both the buyers or any one of them can deduct TDS on the entire amount to be paid.
For eg. Mr.A & Mrs. A has purchased a property jointly whose value is Rs. 1 Crore. Mr. A has alredy paid Rs. 50 Lakhs & Mrs. A has paid Rs. 25 Lakhs. Being the co-owner TDS on entire Rs. 75 Lakhs has been deducted by Mr.A and paid accordingly.
Now my query is whether in this case Mrs. A was also liable to deducted TDS.
I want to know that if there are co buyers of a property whose value is more than 50 lakhs and payment is to be done by both the buyers, then whether TDS is to be deducted by both the buyers or any one of them can deduct TDS on the entire amount to be paid.
For eg. Mr.A & Mrs. A has purchased a property jointly whose value is Rs. 1 Crore. Mr. A has alredy paid Rs. 50 Lakhs & Mrs. A has paid Rs. 25 Lakhs. Being the co-owner TDS on entire Rs. 75 Lakhs has been deducted by Mr.A and paid accordingly.
Now my query is whether in this case Mrs. A was also liable to deducted TDS.
21 October 2013
In case of a joint purchase of the immovable
property, each co owner is liable to withhold
tax in their proportionate share. However, in
case appropriate tax is withheld by one of the co
owners, it shall be taken as sufficient
compliance by all co owners. For example, A
and B buy a property from C for Rs 60 lakhs. A
and B are jointly liable to withhold 1% of sale
consideration from the payments made to C.
property, each co owner is liable to withhold
tax in their proportionate share. However, in
case appropriate tax is withheld by one of the co
owners, it shall be taken as sufficient
compliance by all co owners. For example, A
and B buy a property from C for Rs 60 lakhs. A
and B are jointly liable to withhold 1% of sale
consideration from the payments made to C.
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