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TDS ON PURCHASE OF HOUSE

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Ari Narayanan K

22 Points Posted on 28 November 2020

I am going to purchase a flat valued Rs. 64 lacs jointly with my wife. we both are employed and availing HL jointly. The flat is owned by husband and wife jointly both are pensioner. They are saying no TDS to be deducted since individual share is less than Rs. 50 lacs and there is verdict by IT appellate authority to this effect.

can any one clarify

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Quick Summary

This discussion explores the rules surrounding Tax Deducted at Source (TDS) when purchasing a property jointly. The original poster is buying a flat valued at Rs. 64 lacs with their wife, and both are jointly availing a home loan. They've been informed that TDS might not apply as each individual's share is less than Rs. 50 lacs, citing an IT appellate authority ruling. However, there's a counter-argument that TDS must be deducted if the receiver is a single entity, even if there are multiple buyers. The thread seeks clarification on this complex TDS scenario for joint property purchases.