I am purchasing property of Rs 60,00,000/- of which there are 2 owners joint owners ( Mr Bhalla and his married daughter Mrs Chawla ) i have to make payment of Rs 30 + 30 Lakh in each person account ..................so is there need to pay TDS.............
Yes, TDS is need to be deducted at the rate of 1% under section 194IA as the consideration for property exceeds 50 Lakhs. It is immaterial that per person consideration is Rs. 30 Lakhs. for application of 194IA
Naveen Fintech Pvt Ltd
Kolkata
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Gupta Sachdeva & Co. Chartered Accountants
New Delhi
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