Reimbursement of tds deducted during purchase of home.

Will the bank reimburse the tds paid for purchasing home if loan amount+tds is within 80 % of selling price

I am purchasing a property of Rs 87 lakh from an NRI seller and out of which 8 lakh 70 thousand already paid to the seller.

Remaining amount to be paid 78 lakh 30 thousand.

Now I have to file the TDS of 20 lakh(approx), as this is buyer responsibility to deduct the tds and pay to the income tax department. So if I pay tds from my pocket then the remaining amount to be paid to the seller would be 58 lakh 30 thousand.

Loan amount approved by bank 66 lakh 50 thousand, so will the bank reimburse remaining amount of 8 lakh 20 thousand to me as a reimbursement for tds which I have paid from my pocket.

Note- I have taken the loan from SBI.

Please guide.
Replies (3)
Quick Summary
This discussion explores whether a bank, specifically SBI, will reimburse the TDS (Tax Deducted at Source) paid by a buyer when purchasing a property from an NRI seller. The buyer is concerned about the TDS amount exceeding their remaining payment to the seller and whether the bank will cover this cost as part of the loan. The consensus suggests that the bank will indeed reimburse the TDS amount, allowing the remaining loan balance to be paid to the seller.

Kindly check your inbox, we will talk in person.
It's very easy if you hv investment which can offset the tax liability. chapter vi a or any other.
Yes bank will pay tds amount to you. and balance amount to sellee

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