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TDS deduction on sale of property
I have purchased property the same is held by husband and wife in joint name. They are having 50% share each. The agreement value is 6000000/- amount paid in equal installment to both. Both are having separate account. In this case should I deduct TDS @ 1% on agreement value
Replies (5)
you don't need to deduct TDS, since the payment made to each party is less than 50 lack
agreed with vishesh
as per Delhi itat order, if payment to single seller is less than 50 lack then no need to deduct TDS
department has not filed the appeal against the order
no if there is co-owner- 50lacks each exemption limit of tds shall be increased
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