13 November 2014
I have exchanged my residential flat with a guiadance value of 90 Lacs with another flat with a guiadance value of Rs.98 Lacs. I have paid Rs.8 lacs towards the difference as consideration.. Now, I would like to know whether TDS applicable on this transaction since amount paid is only Rs.8 Lacs. Appreciate your feedback
13 November 2014
Thanks Mr.Amol & Mr.Rupesh. However, could you please clarify the following; 1. TDS is to be done on payment & the payment should be above 50 lakhs... 2. Incase of Joint name... do we need to split the tds into two or the first name..?
14 November 2014
you need to split the TDS among joint holders. but TDS will apply if the overall value exceeds Rs 50 lakhs irrespective of number of joint holders