TDS should not be made only against your name
2)Two Separate payment shall be made by respective co-owner by quoting rexpective PAN in form 26QB. Each Co-Owner shall pay TDS on their Co-ownership ratio
My wife and I are joint owners of a property. We are selling this to one buyer. The buyer says that he is mandated to pay TDS to both the owners.. My auditor has not assessed the property in her name..and recommends that the TDS be made only against my name Pls suggest the correct legal procedure Thanks
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TDS should not be made only against your name
2)Two Separate payment shall be made by respective co-owner by quoting rexpective PAN in form 26QB. Each Co-Owner shall pay TDS on their Co-ownership ratio
Hi if you are clubbing your wife's incoming in your income then let him deposit the TDS amount in your account.
in case it is not then let him deposit the TDS in the separate accounts as per share of the property.
Thanks
You will have to include a clause in the sale deed explicitly narrating who funded the purchase of the said property. After this you should state in the next sentence that since you as the joint owner funded the purchase of the said property, without any monetary or financial support from the 2nd owner,
Therefore TDS if any to be deducted into the PAN No of the joint owners/sellers is being done only in your favour and not in favour of the 2nd owner (your wife).
Thereafter the entire 1% TDS can be paid into your PAN No by the Purchaser.
As per the law TDS shall be paid by both the co-owners for their respective share and the same shall not be made just against your name, since you and your wife both are the co-owner of the property.
Regards