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Pinky Mehta
I bought a property jointly with my husband. The Cost of property is Rs. 55 Lacs. There is a bank loan on this property on my name. The initial payment and instalment is all paid by me.
How much tds should be deducted on whose name as seller is also joint owner. I have to deduct TDS on each Instalments and pay two challans, one from my account and another one from my husband’s account as i am purchasing property on joint name? Also i have to pay TDS for both joint holder?
Kindly advice.
Pinky Mehta
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TDS must be deducted @1 per cent by the buyer at the time of making the payment.TDS should be deducted at the time of payment to the seller. If the payment is in installments than TDS should be deducted with each installment. If the entire amount is paid in single installment than entire TDS amount should be deducted at the time of making complete payment. PAN of the seller, as well as Purchaser, should be mandatorily furnished in an online form (Form 26QB) for furnishing information regarding the property transaction. Can contactus for any assistance on Filing 26QB.
CA Naman Maloo 29 Nov 2020It is difficult to answer such question here without discussing full facts but TDS as of now is to be deducted @0.75% and it needs to be deducted by each purchaser on each seller.
Book phone consultation at: https://www.taxontips.com/tax-notice-personal-consultation/
Thanks for your replies.
T&C applyR
Raman Agrawal
Purchasing a house tax implications if housewife is co owner
It depends on weather your taking a housing loan or not. or weather the consideration is paid by only one co owner for full part etc. Youcan discuss more on 9587334442.
CA Akshay Ranka 29 Nov 2020Purchasing a house doesn't amount to tax whoever sources of income need to be justified
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Nida Khan
I am changing my company in December 2020. I have already filed my income tax return at the old employer with old tax regime. Now I want to change my tax regime to new one with my new employer for December 2020 - April 2021. How will I be able to do that? Will my new employer take care of it?
Income Tax Return for the financial year 2020-21 will be filed after Mar 21. Due date is 31st July 2021. You must have submitted the undertaking to old employer to deduct the TDS...... You can Submit same to New employer to deduct the TDS ............ TDS will be deducted accordingly by new employer
CA Naman Maloo 29 Nov 2020Yes the new employer will take care.
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Seema
Dear Sir/madam
I sold my property and to save LTCG I invest the same amount in purchasing new property as. To save LTCG I can not sold the new property for 3 years if I wish to sell the new property before 3years and invest the same amount in purchasing the again new property/house can I do the same
Looking for an early response
If you sell the property then the Capital Gain which was earlier exempted will now become taxable in your hands.
CA Naman Maloo 29 Nov 2020Yes you can do so.
Seema 29 Nov 2020@caNaman maloo
If I do so then I am eligible to have no Ltcg if I agen invest in new property before 3 years
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Harpreet Singh
I sold off my old flat that was held jointly with my wife. The capital gain was Rs 5 lacs that was put in the capital gain acct. This amount was utilized towards paying installment for new flat.The balance amount received out of of sale proceeds has been put in a bank in FDs( my wife is primary acct holder). My question is whether the interest received from this amount in bank needs to be added to my taxable income or not. My wife is not working and she has no income. Thanx
Yes both you and your wife have to pay taxes on the FD interest income.
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