Sir, husband and wife having seperate incom are buying a residential aprtment jointly for around 60 lakhs. They are paying an advance of 20 lakhs , each 10 lakhs and entering into an agreement with the seller. Do they need to deduct TCS on the advance payment?
Yes, TDS at 1% u/s. 194IA is applcable, if seller is Resident Indian.
Sorry, the question is about TCS and not TDS. Is it a typographical error?
TCS is not applicable on buyer. TDS u/s. 194IA is applicable on buyer of any property having value more than 50 lakhs.
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