TDS on buying a property

profitable trader (1 Points)

30 March 2023  


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.