06 June 2016
Hi, I am about to Buy Residential Flat Jointly with my Relative,Value of Flat is above 50 Lacs from Joint owners.( Husband & Wife) Pl. explain How the TDS is to be deducted,Since there are two Buyers & Two Sellers.Whether the four challans is to be filled up and how the details is to be filled up in challans and amount to be mensioned in challan.
06 June 2016
Since the value of the property is above Rs. 50 lakh each buyer will have to deduct tds in respect of each seller. For example if there are two buyers A & B and two sellers C & D. then A will deduct tds on the amount payable y him to C & D both. Accordingly 4 challans will have to be filled.
06 June 2016
If there are Two buyer and two seller than 2 you can minimise the challan to Two , for Eg. A & B buyer C & D Seller than A can deduct TDS To C & B Can deduct TDS TO D .
07 June 2016
Mr.Goyal If first buyer deduct TDS amount from both the sellers( equally) than how 4 challans will have to be filled and from which challan TDS is to be deducted.
CAclubindia
