There is 1% TDS for a house sold above 50 lakhs. If a house is jointly owned by 2 persons and sold for 90 lakhs, then each person share is 45 lakhs. In that case will the 1% TDS be still applicable?
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If a house co-owned by 2 is sold for 90 lakhs, will there be TDS (45 lakhs for each person)?
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Yes, 1% TDS is still applicable because the total property value exceeds ₹50 lakhs. The buyer must deduct ₹90,000 in total, split proportionally between the two owners.
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