I have a query regarding deduction of TDS on purchase of property. We (me & my husband) are buying a property of Rs.65 Lacs. The payment terms are 30 lacs by own funds & Balance Rs.35 lacs we are arranging by Bank Home Loan. While paying the amt. to seller, we already deducted TDS of 1% Rs.65,000 (1% on entire 65 lacs) & paid the net amt. of Rs.29,35,000 (30 lacs less 65,000). Now when I am filing up the TDS return form, they are asking the gross amt. paid which is actually 30 lacs. However I have deducted TDS on entire value of Rs.65 lacs. Whether bank will deduct TDS & pay is not clear. Now my question is how shall I show this deduction of 65,000? Can I put the amt. paid as Rs.65 lacs?
CAclubindia
