incase the full tds has been paid online by 1 buyer what to do. is it ok?
6 Replies
Amish Maknojia
(Student)
(507 Points)
Replied 17 October 2018
are you asking about TDS on immovable property or any other case??
CA Rakesh Joshi
(Chartered Accountant )
(1272 Points)
Replied 18 October 2018
If TDS done then there is nothing wrong. Only thing is the threshold limit has been considered while making such TDS.
If TDS has been made and deposited then It will be in the credit of the assesse's PAN only. It will be reflected in 26AS of the assessee.
Amish Maknojia
(Student)
(507 Points)
Replied 18 October 2018
The seller will get the credit for the same, he can check his 26AS for the same.
CA Rick N
(Founder)
(67 Points)
Replied 22 October 2018
How many Buyers are there? Is it a joint purchase? Also how many Sellers - Individual Seller or Jointly owned property? Please provide complete details.
Normally in case of Joint Property Purchase, only 1 buyer deduct and deposit TDS u/s 194IA. The right way is that each buyer has to deduct TDS separately and deposit in proportion of ownership in property. In case of Joint Purchase i.e. 2 buyers and 2 sellers. For each installment, each buyer will submit 2 challans i.e. one each for each seller. Common misconception is that Husband can deposit on wife’s behalf and vice versa. It is not true. Another common reason given is that either of spouse does not have PAN. In this case, it is advisable to apply for PAN before joint property purchase.
Mitesh
Practising CA
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