We (I and my wife as joint owner) intend to purchase a residential flat from an NRI. All the payments are from my account, although wife's name will be appearing as Joint owner
1. The seller is not availing of the lower rate of TDS possible (in view of the lengthy process), and says he will claim refund on any excess tax deducted when he files his returns.
2. Hence, TDS will be on full Sale Value, which is approx. Rs 1.5 Cr.
3. I need clarity on
(a) the rate at which TDS needs to be deducted - Have been receiving conflicting figures of 22.88% and 23.92%.
(b) Is it in order for the TDS to be deducted only by me, as all payments are from my account? (If both have to deduct, how is the breakup decided, as all payments are from my account?)
(c) Which are the right Forms to be filled in for this, so that there is no problem at any stage.
Your advise highly appreciated.
CAclubindia
