Dimpy (Accounts) (95 Points)
27 February 2023Hi All
Please let me know the amount of TDS deductible on the following
1. The property value is 1.5crore
2. There are 2 co-owners with 50% share each
3. The payment however would be done from only 1 person in 3 installments
Let me know the amount of TDS and whether both people have to pay or only the person who is making the property payment? Also when is TDS to be paid? It has to be deducted from 1st installment or from remaining installment and how much?
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(166740 Points)
Replied 27 February 2023
Here both the purchasers have to deduct TDS of 1% (of each installment value) as and when paid.
Dimpy
(Accounts)
(95 Points)
Replied 27 February 2023
SO IF THE FIRST INSTALLMENT IS OF 50LAKHS THEN 25000 EACH CO OWNER HAS TO PAY AS TDS RIGHT?
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(166740 Points)
Replied 27 February 2023
Yes, only for purpose of TDS deductions. Payment may be given by either or both.
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