I have a query regarding deduction of TDS on purchase of property. We (me & my husband) are buying a property of Rs.65 Lacs. The payment terms are 30 lacs by own funds & Balance Rs.35 lacs we are arranging by Bank Home Loan. While paying the amt. to seller, we already deducted TDS of 1% Rs.65,000 (1% on entire 65 lacs) & paid the net amt. of Rs.29,35,000 (30 lacs less 65,000). Now when I am filing up the TDS return form, they are asking the gross amt. paid which is actually 30 lacs. However I have deducted TDS on entire value of Rs.65 lacs. Whether bank will deduct TDS & pay is not clear. Now my question is how shall I show this deduction of 65,000? Can I put the amt. paid as Rs.65 lacs?
4 Replies
CA PRATIK DHRUVE
(CHARTERED ACCOUNTANT)
(634 Points)
Replied 22 March 2016
Amount paid needs to be mentioned as Rs. 65 lacs, whether you have paid the same or whether bank has paid by home loan is immaterial.
CA Manisha More
(Professional)
(124 Points)
Replied 23 March 2016
ok thank you for the reply. It means I can deposit the full TDS i.e. Rs.65,000 now, no need to wait for Bank, right?
CA PRATIK DHRUVE
(CHARTERED ACCOUNTANT)
(634 Points)
Replied 23 March 2016
sure. you can deposit the same. and you can also inform the bank that you are depositing the tds. Because normally, banks do not deduct any tds and leave it on the purchaser.
Satya Narain Tandon
(12 Points)
Replied 25 May 2021
What about Nri status of tds on sale of property
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