Tds 194 ia on sale of immovable property

Hi

The section 194Ia states that TDS on sale of Immovable Property should be deducted at source from payment on transfer of immovable properties (other than agricultural land) where the consideration paid or payable is more than Rs 50,00,000/-. 

According to me above stated section checks the property value aspect and not the individual share, so if a property value exceeds 50lac buyer need to deduct tds. 

Hi

The section 194Ia states that TDS on sale of Immovable Property should be deducted at source from payment on transfer of immovable properties (other than agricultural land) where the consideration paid or payable is more than Rs 50,00,000/-. 

According to me above stated section checks the property value aspect and not the individual share, so if a property value exceeds 50lac buyer need to deduct tds. 

Question:   A & B are the owners of a property (joint owners or co-owners). They intend to sell to a single buyer. The transaction value is say 60 lakhs. The provisions of Sec 194IA are applicable right. In this case can the entire payment be made to one owner if the other owner consents for? secondly, how many TDS certificates need to be issued?....Thanks.

If the total value of the property exceeds Rs. 50 lacs, irrespective of the number of buyers, TDS u/s 194-IA shall be applicable.