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Tds on purchase of property multiple seller
My client is a partnership firm and bought an immovable property jointly owned by 3 owners. Single registry of rs.1.8cr but payment to 3 individual eash rs.60L in parts are agreed in Agreement. my query is 50L limit is applicable individually? if yes tds is deducted when total amount crosses 50L limit or at each payment? 3 installments are paid but the amount is only 38 Lacs to each seller. when tds is deductible?
Replies (1)
Number of seller's or purchasers are irrelevant. if the value of the immovable property is equal or more than 50 lakhs, then TDS has to be deducted. depending upon the number of sellers, deduct TDS proportionately.
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