I want to purchase a property valuing 60 lakhs. The property is a single plot with a house on it. It is jointly owned by husband and wife in equal ratio. Is TDS liable to be deducted or not because both will receive 30 lakhs each which is below threhold of 50 lakhs?
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Tds on joint property holders
Replies (3)
Hai Ramesh i believe TDS will be applicable in this case. I went through the section 194IA under Income Tax website, after reading the same i made this conclusion. Though I havn't noticed any case law in this regard. Please use the following link to go the income tax Site https://www.incometaxindia.gov.in/Charts%20%20Tables/TDS%20Purchase%20of%20Immovable%20property.htm
agree with Mr. Shankar.
The property as a whole is considered for TDS and not the individual share
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