TDS on buying a property

TDS 198 views 3 replies

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)

Yes, seller will be able to claim TDS while filing the relevant ITR.

No problem to seller

He can claim the TDS
TDS ON BUYING PROPERTY IS CALCULATED SEPARATELY


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