Can Individual provide Form 16 on purchase of Property

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  1. adeep7

    adeep7 New Member

    Hi,
    I am planning buy a resale property where I have to deduct 1% TDS. Seller is asking to provide Form 16 for this deduction so that he can claim it. Could you please let me know if an individual can provide form 16? if yes then what is procedure?

    Thanks in advance.
    Amardeep
     
  2. Karan Batra

    Karan Batra Well-Known Member

    In case of purchase of property, the buyer is required to deduct 1% TDS and deposit the same with the govt.

    After depositing the TDS, Form 16B would be generated which the buyer is required to give to the seller.

    Kindly refer: http://www.charteredclub.com/form-16b/
     
  3. adeep7

    adeep7 New Member

    Thanks for your reply...
    I case two sellers (Husband & wife), do I need to deduct TDS for both? Seller is saying that it can be deducted on husband's name only, considering him as primary owner. But agreement & other documents don't specify primary or secondary owner or percentage of ownership.

    should it be considered as 50-50 ownership?
     
  4. Karan Batra

    Karan Batra Well-Known Member

    Better to do it in the name of both the co-owners.

    The process is the same and wont take much time.
     
  5. adeep7

    adeep7 New Member

    Is it legally ok to deduct full TDS amount to only one seller? Seller is insisting on this. He made all the payments for this property through his account only, although his wife is co-owner.
    info....The payment will be done to their joint account for this sale.
     
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