I am purchasing property of Rs 60,00,000/- of which there are 2 owners joint owners ( Mr Bhalla and his married daughter Mrs Chawla ) i have to make payment of Rs 30 + 30 Lakh in each person account ..................so is there need to pay TDS.............
Yes, TDS is need to be deducted at the rate of 1% under section 194IA as the consideration for property exceeds 50 Lakhs. It is immaterial that per person consideration is Rs. 30 Lakhs. for application of 194IA
Karia Overseas
Ahmedabad
CA
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