Hello everyone,
I am in a bit of a predicament.
I purchased an apartment for which I have made payments from my own funds, i.e., no contribution from my wife. However, at the time of registration of the property I included my wife's name as the second name in the Conveyance Deed.
Subsequently the apartment was given on rent to a company which made payments in 50:50 ratio to me and my wife and also deducted TDS in both our individual names. (FY 2011-12)
At the time of filing my IT return, I was advised by my CA that as I had alone paid for the property, and I am in the higher tax bracket, the rental income paid by the company in my wife's name has to be clubbed in my income. Hence, I added that income to my income and paid tax on it. I also took benefit of the TDs deducted by the company in my wife's name in my return.
This has come as a TDS mismatch and now I have received an intimation from the income tax department to have the TDS rectified.
Can someone please advise me what are the options available to me?
Would it be a problem for the company to revise my TDS form? The company has said that it might be a problem to file a revised TDS though they are still exploring options as well.
Isin' t there a section under which I can claim benefit of TDS filled in a different person's name when that person's income is being clubbed in mine?
Many thanks for your replies.