Festive Savings Are Here. Get 10% OFF on All CCI Pro Plans. Subscribe Now!

TDS on buying a property

516 views

Save Share

Join Us Follow Us Add as Source

profitable trader

21 Points Posted on 30 March 2023

Hello

I along with My wife have bought a flat at Rs 72 lacs

My wife is the first owner and i an the co-owner.

We have paid equal contribution of Rs 36 lac each.

We have deducted TDS of Rs 36000 each and paid Rs 72000/-to Income Tax online and submitted TDS certificate to the seller.

But now i have come to know that if individual contribution if is less than 50 lacs ,then TDS need not be deducted.

My question is:

Will there be any problem to the seller due to this?

Will seller be able to claim refund?

Kindly advise.

Thanks

Replies (3)

Quick Summary

A buyer purchased a property with their wife, each contributing Rs 36 lakhs. They deducted TDS of Rs 36,000 each and paid it to the Income Tax department. However, they later learned that TDS might not be required if individual contributions are below Rs 50 lakhs. They are seeking advice on whether this will cause problems for the seller and if the seller can claim a refund.