Property holders 2 but tds paid by 1 person

Tax queries 694 views 2 replies

in 2020 i bought residential property from big developer in my and my parent name. possession was also done all papers have both of our names. but i remember i had paid full tds amount on my pan card because old ca did not told me that it should be divided in both owners.

the concern is this year registration will be done. my name and my parent name will be mentioned in title deed by developer. so will there be any concern for my parent? what i can do now?

please help. thanks

Replies (2)

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.

thank.. till now registration was not done. this is the first registration with developers, so how can i do gift deed? they will register as per all property papers and builder buyer agreement which has my and my parent's name.


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