Is it compulsary to deduct TDS on Property separately in case of 2 buyers

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  1. Zeba Farhat

    Zeba Farhat New Member

    Dear Experts,
    If circle value of property is Rs. 1.1 crore & Purchase Price is Rs. 80 lacs then on which amount TDS should be deducted? if property is purchased by 2 persons jointly and seller includes persons then how & to what amount TDS should be deducted? is it compulsory to deduct TDS separately by 2 purchasers or single purchaser can deduct tax of all 4 sellers ?Most important question is what are the consequences if TDS is not deducted at all in this transaction(Penalty etc)?
     
  2. gaurav_kumar

    gaurav_kumar Well-Known Member

    1. TDS @ 1% would be deducted on Rs. 80 Lakhs i.e. the purchase price and not on the Stamp Duty Valuation.
    2. TDS is required to be deducted by each seller separately
     
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