Greetings!
I am in the process of purchasing an apartment from a couple, who jointly own the property at an equal 50%-50% share: the Husband is an NRI and the Wife is a Resident Indian. The total Sale Consideration exceeds INR 50 Lakhs.
The Sale Agreement was drawn up on 31 January 2013: so as I understand that as per the provisions of Section 194-1A, TDS of 1% on the Total Sale Condieration is not applicable.
However, I understand that for the Husband (50% shareholder of the property being an NRI), TDS @ 20% + EC + SHEC would be applicable U/S 195.
My queries:
1. Would the TDS be applicable only on the Husband's share or on the total Sale Consideration? (In the Deed of Conveyance, the Wife's name comes first, followed by the Husband's name).
2. Can I deposit the TDS Online? If yes, how?
3. When do I receive an acknowledgement for the TDS so deposited so that I can furnish the same to the Sellers?
Regards
CAclubindia
