MR A.PURCHASE OF PROPERTY COST OF RS.62.00 LAKS FROM 4 JOINT PARTIES.
1) IN FIRST PARTY MAJOR SHARE OF 50% AND OTHER THREE PARTY EQUAL OF SHARE OF 50%.
2) FIRST PARTY HAS PAN HOLDER AND OTHERS PARTYS, NON-PAN HOLDER
3) IF TAX TDS DEDUCTED ONLY FOR FIRST PARTY? FOR 1% PRESENT?
4) OTHER PARTY ELIGIBLE OF TDS DEDUCTED?
THANKS
As you are purchasing an immovable property and the value of which exceeds Rs.50 Lakhs, you, being the buyer, are liable to deduct TDS U/s 194-IA @ 1%. And the TDS is to be deducted against each of the sellers PAN irrespective of the fact that the indivual value for a single seller doesn't exceed Rs.50 Lakhs.
Further, if you don't receive the PAN of any seller, you must have to deduct tax @ 20%.
CAclubindia
