Dear Sir\Madam,
I have to ask you if the flat was purchased by husband-wife jointly & making payment part payment from both the bank account and remaining by home loan jointly(61.5 Lacs), then the TDS should be paid to the government in the ratio 50-50. What if the house sale is 80,00,000(80 lacs), if we consider 50% by both it's coming as 40 Lacs only by the individual, in this case, also we need to pay TDS?
Yes, if you sell the property for 80 lakhs, TDS will be deducted by purchase at @ 1% under sec. 194-IA of IT act.
It’s not rural agricultural land I purchased flat in apartment and we purchased that flat jointly and cost is 8000000 in this case if we divide individually we are getting share of 4000000 per head so in this case we need to pay tds or not ? Please clarify.
CAclubindia
