Master in Accounts & high court Advocate
9610 Points
Joined December 2011
Given your situation, I'll address potential concerns and suggest steps to mitigate them: Potential Concerns for Your Parent: 1. *Tax Implications*: Since you paid the full TDS amount on your PAN card, your parent might not have been accounted for in the tax deductions. 2. *Co-Ownership*: With both names on the title deed, your parent will be a co-owner of the property, which may lead to potential tax liabilities and other responsibilities. Steps to Mitigate Concerns: 1. *Consult a New CA*: Engage a new chartered accountant (CA) to review your case and provide guidance on rectifying the TDS issue. 2. *File Revised TDS Returns*: Your CA can help you file revised TDS returns to reflect the correct ownership ratio and TDS deductions. 3. *Obtain a Certificate from the Developer*: Request a certificate from the developer stating that the property is owned jointly by you and your parent, and that the TDS deductions were made only in your name. 4. *Update Your Parent's Tax Records*: Ensure your parent's tax records are updated to reflect their co-ownership of the property and any resulting tax implications. 5. *Consider a Gift Deed (if necessary)*: If you want to transfer a portion of the property to your parent or make other adjustments to the ownership, consider executing a gift deed or other relevant documents. Registration and Title Deed: 1. *Ensure Accurate Representation*: Verify that the title deed accurately represents the ownership ratio and details of both you and your parent. 2. *Obtain a Copy of the Title Deed*: Once the registration is complete, obtain a copy of the title deed to ensure everything is in order.