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TDS ON PURCHASE OF IMMOVABLE PROPERTY U/S 194IA, Income Tax

Issue Id: - 118126
Dated: 24-8-2022
By:- tejas kulkarni
TDS ON PURCHASE OF IMMOVABLE PROPERTY U/S 194IA

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One of my clinet has purchased residential property worth Rs 54 lakh in joint ownership with his wife. Entire consideration Rs 54 lakh is paid by him only. His wife has no taxable income. Now while deducting tds u/s 194IA whether he should file form 26QB in single and pay tds @1% Rs 54000 or he should file form 26Q in multiple and pay tds of Rs 27000 each of co owner ?

Please guide.

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1 Dated: 22-9-2022
By:- DR.MARIAPPAN GOVINDARAJAN

In my view - the property is purchased in the name of two persons each @ Rs.27 lakhs which is less than Rs.50 lakhs. Then there is no requirement deducting tax.


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