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TDS on immovable property
House property purchased by NRi for 9700000. out of this 2000000 advance paid and tds 20000deducted and paid in 22 Mar 2020 .balance 7680000 is to be paid to seller in 26 nov 2020.seller is lady and her husband doesn't exist. She has 1 son and daughter. Son 25 lakh and daughter 25lakh and for wide 47 lakh is splitup amount . TDS deducted from lady including children's share .Tds to be paid fully in wife name or to son and daughter account respectively. please let me know this in detail.
Replies (2)
Quick Summary
TDS Deducted on The Name of Lady in Whole Amount because House Property Registered in the Name of Lady And Capital Gain Also arise in the Name of Lady .
Amount Given to Children is only distribution of Land Consideration
Then total 97lakh in the name of Lady to be shown as sale consideration and tds to be paid in name of that lady. Son and daughter were issued DD each 25lakh shouldnot be shown in 26QB for form 16B right?
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