Hi Friends,
Two Buyers jointly purchase a plot from one seller. The value of plot is Rs. 80 Lakhs and each will contribute Rs. 40 lakhs equally.
In this case , each buyer need to deduct 1% TDS as the plot value exceeds 50 Lakhs
or
They need not deduct TDS as their individual contribution is less than 50 lakhs, that is 40 lakhs. only.
Kindly guide.
Thank you.
Each buyer has to deduct TDS, as the aggregate value of the property is above 50 lakhs.
Yes, as Dhiraj Ji has replied, each buyer has to deduct TDS.
And the TDS would be 1% [or 20% if seller is NRI] of the proportion of each buyer, which is mentioned as 40 lakh.
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