Will the bank reimburse the tds paid for purchasing home if loan amount+tds is within 80 % of selling price
I am purchasing a property of Rs 87 lakh from an NRI seller and out of which 8 lakh 70 thousand already paid to the seller.
Remaining amount to be paid 78 lakh 30 thousand.
Now I have to file the TDS of 20 lakh(approx), as this is buyer responsibility to deduct the tds and pay to the income tax department. So if I pay tds from my pocket then the remaining amount to be paid to the seller would be 58 lakh 30 thousand.
Loan amount approved by bank 66 lakh 50 thousand, so will the bank reimburse remaining amount of 8 lakh 20 thousand to me as a reimbursement for tds which I have paid from my pocket.
Note- I have taken the loan from SBI.
Please guide.
CAclubindia
