Tds on property of more than 50l
This query is : Resolved
14 February 2017
my wife and me having joint account. my wife and son have booked the flat value 50.03 L. My son has taken loan of 25 L. Balance money will be paid from joint account.My wife is house wife and have not filed tax return as she does not have any income but she has her PAN . Builder is saying TDS can be deposited by first applicant for whole amount of 53.03L and there is no problem. Is it OK otherwise any other solution for this.
14 February 2017
TDS @ 1% is to be deducted by your son and wife for the portion each of them is contributing. Bank account from which the tax will be paid is not relevant.
14 February 2017
She has never filed IT return. If she deposit TDS as you have suggested, she need to file return or not?
Loan is jointly taken. I am worried a lot now
Loan is jointly taken. I am worried a lot now
14 February 2017
If the property is purchased in the joint names of your son and your wife, then they are responsible for deducting tax. It is the case even if she has not filed return of income. Only thing, later if asked for, she have to explain the source of funds for the purchase of property, which i suppose you have given.
14 February 2017
does she have to file the return to indicate source of funds.
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