Regarding TDS on Property sale

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  1. Rahul Purandare

    Rahul Purandare New Member

    Dr. Rahul C. Purandare
    Subject: Need information about TDS on Sale of Property

    Respected Sir / Madam,

    I undersign would like to focus your kind attention that I am in a process to purchase Row-House. This is resale property and purchase sale deed has fixed with 50% amount from my own contribution and remaining 50% from SBI Home loan.

    We have agreement to sale deed on dated 31/03/2016. During the agreement to sale deed I have paid 15% amount of agreement value. Remaining payment will be done within two months period. Probably we will have final sale deed in second week of May 2016.

    Under the section 194IA, 1% TDS has to pay for above 50 Lakhs property value. Considering this, I tried to gather the information about HOW to pay TDS and what are the rules and regulation. Regarding the same I tried to approach SBI bank as well as TAX consultants. However I could not get proper information and also none of them have correct information about TDS payment. Here with I request you to clear below mentioned points as early as possible so that I will pay TDS accordingly.

    Some points i would like to highlight:-
    1) The purchase property is on my & my wife's name (means two buyer)
    2) The said property is having share viz. father having 4/6 share and two son having 1/6 share each. However two son has given affidavit mentioned that the amount of money they will receive should give it to father.

    Information I need on following points.

    1.Do I need to pay TDS on 15% first (now) and remaining TDS after paying 85% amount and Final sale deed?

    2.Shall I pay all TDS (on whole amount) now only before finalizing sale deed?

    3. How can pay TDS with three different seller as whole money has given it to father?

    Waiting for you reply, so that I can do accordingly a.

    Thanking you,
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