06 October 2016
me and my brother purchased a joint property for Rs.1250000/-
Total Money is paid by me.
I want to deduct TDS on that,
what I have to do?
10 October 2016
actually guy's I wanted to know
if the property is a joint property, then how they will deduct TDS, and the 50lakh limit for individual or joint owners also
10 October 2016
better you go through the respective section, word by word. Then all such small difficulties will vanish away. Following is the link. Please go through the same. Section 194-IA....ok? http://www.incometaxindia.gov.in/Pages/acts/income-tax-act.aspx
Please see the wording......the section comes into play as soon as the consideration for transfer of immovable property is 50 lakh or more....(No matter it is paid by 1 person or 2 or n number of persons...ok?) The next is...... who has to deduct to tax.....any person being a transferee......if there are say 50 transferee...then each of them has to deduct tax......ok? How much to deduct?......one percent of the amount paid/credited to resident transferor...) Now tell me what is your next difficulty?
CAclubindia
