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TDS on purchase of property by more than 1 person
Mr. X is in a deal to purchase a property of Rs 1 CR From Mr. Y and made 50% payment after deducting 1% TDS on 50lakhs rs. Before paying balance 50 lakhs Mr. X asked Mr Y that Mr.Z will buy the property and he will pay you balance 50 lakhs and 50 lakhs to me. Now is Mr. Z liable to deduct TDS on payment made to Mr. X?
Replies (5)
Quick Summary
Yes, as the value of the property exceed 50 lacs.
MR. X(old buyer) has already deducted TDS on first 50 lakhs while making payment.
Now Mr. Z will deduct TDS on balance 50 lakhs while paying to Mr. Y
Now, Mr. Z (ultimate buyer) is returning Mr. X money so deducting TDS on this will be double deduction of TDS?
As Mr X was not the owner of the property. before completing the deal ,he asked mr. Z to buy the property.
Will it not be double deduction of TDS?
Yes, no need for TDS for payment to X.
Can you please share some reference for that?
It will be great help for me, sir.
It's only return of money no income accrued to him for TDS.
I don't have any reference.
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