TDS on Transfer of Immovable Property @ 1% - Joint account

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  1. VicVij

    VicVij New Member

    Ours is a joint account property and sale value is 56 lakhs. Is there an option of having 28 lakhs each so that 1%TDS is not needed. Both of us will be filing tax this year.
     
  2. V K Khanna

    V K Khanna Active Member

    You cannot breakup the sale value based on joint ownership of the property. Law provides TDS deduction @1% if the value of the property is Rs 50 lakh or more.

    Either of you can deduct the tds and deposit in Govt. account.
     
  3. VicVij

    VicVij New Member

    Thanks for the reply. There is an additional amount on fixtures and fittings. Do I need to pay tds even for this as the buyer is going to make the changes. Please assist.
     
  4. V K Khanna

    V K Khanna Active Member

    If the cost of fixtures and fittings adds up with the sale value of the property, the tds will have to be deducted.
     
  5. VicVij

    VicVij New Member

    One last question, understand I will be able to claim this while filing tax as do not have capital gains and it has been almost 4 years since We had this property.
     
  6. V K Khanna

    V K Khanna Active Member

    Pl hold on ------++++.

    Are you the buyer of the property or seller?

    The responsibility for deduction of tds rests with the buyer and not the seller and it is the seller who has to claim refund of tds deducted by the buyer in case no tax is payable by him.

    I have been replying to your posts assuming that you are the buyer of the property jointly with your wife. However, your last post has confused me when you stated that you are the owner of the said property for the last 4 years.
    If this is the case, pl forget about deducting any TDS amount from the sale proceeds. The buyer will deduct the tds and you can claim refund if there is no capital gain tax on your part.
     
  7. VicVij

    VicVij New Member

    Sorry if I had confused you. Yes am the seller. The buyer is deducting 1% and paying the amount. So if am correct, can claim the amount deducted by buyer. You are very njve replying to all my queries and Thank You
     
  8. VicVij

    VicVij New Member

    Meant nice
     
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