Query on tds on sale of property
Hi, I bought a house worth 1.57 cr. Paid 35 lac advance part by part last month wherein some part were paid from my wifes bank account. Now I want to pay tds to the govt of 1.57 lac (on the whole value). So can I pay entirely from my account? Or should the TDS be paid from my wifes account on the part that was paid from her bank account? (I am the transferee)
Replies (5)
Where joint ownership is taken, ideally tds should be deducted by each payer. However, where the agreement contains name of only one party(you or your wife), TDS should be deducted while making payment from the Specified party's account.
Okay.. But what if the house is in my name and my wife paid some of the money on my behalf?
In that case u deduct tds on the entire consideration and pay in your name.
Yes is agree with Rashi Bajaj completely. In that case, to the extent of the amt paid from wife's account will be treated as a loan taken from wife in your balancesheet
Okay... Thanks.. :)
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