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How TDS is calculated for joint property? – Property Hotline
Posted
June 23, 2016
Views
21,497
Likes
122
Comments
10
Engagement
0.61%
June 23, 2016
21,497
122
10
0.61%
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3:50
4:00Now PlayingBe Un Confused
Expert – Jayesh Kariya, Tax Expert
Question: I recently bought a property jointly with my wife. I have paid 1% TDS to the developer from my salary. Since this is a joint property, should both of us pay 0.5% TDS each or is it alright for one individual to pay the 1% TDS amount?
Answer: It is important to decide on who is the economic owner of the house property. If the husband is the economic owner and wife is the joint owner for name sake, TDS may be paid by the husband @ 1%.
If both the husband and wife are economic owners, the TDS liability is to be paid @1% in the ratio of its share in economic ownership.
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