While selling the under construction property, if the Agreement value is say 56 lakhs but the buyer has to pay the seller 48 lakhs and rest the buyer will give to the builder later on.
1) Will this attract 1% tds because seller only received 48 lakhs.
2) If tds is deducted can Seller recover it through his IT Return?
hello,
1.Can you tell me stamp value of the property,
If stamp value is more than 50 lakh then buyer should liable to deduct the tds on the property.
2.Seller should get the refund by submitting the it return.
One more doubt. In case the property sold was jointly owned,
1) can the buyer deduct the tds from one of the owner or it should be 50:50?
2) If buyer deduct the whole tds from one owner, can that owner claim the full tds in IT return?
Hello sir,
In case of one buyer and two sellers, two forms have to be filled in and for two buyers and two seller, four forms have to be filled in for respective property shares.
Asked if u have any further doubts.
Yes, TDS will have to be deducted.
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