I HAVE TAKEN A HOME LOAN FROM THE BANK AND BANKER HAS GIVEN LOAN TO ME ON ME & MY SPOUSE BECAUSE OF THAT PROPERTY ON BOTH OF OUR NAMES. NOW MY QUERY IS ON WHICH PAN CARD I NEED TO DEDUCT THE TDS TO PAY THE DEPT.
22 June 2016
As per Section 194A of the Income Tax Act, 1961 a business enterprise (proprietary concern covered u/s Section 44AB, company, firm, etc) has to deduct tax (TDS) on the interest payable towards the loan from NBFCs.So there is no need to deduct TDS in case of banks.
22 June 2016
HI , as per the web -How to Deduct TDS on Property Sale u/s 194IA-The responsibility to deduct TDS on Property Sale rests solely with the Buyer even if it is financed by Home Loan or property is purchased from the builder. In some cases, Bank can deduct TDS on property from disbursement and help in depositing TDS on buyers behalf but they are not obliged to do so. You have to give written request to Bank for the same.
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