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How much TDS needs to be paid on joint ownership plots?- Property hotline
Posted
September 29, 2016
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4,316
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September 29, 2016
4,316
7
1
0.19%
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4:12Now Playing
3:22Expert: Pannkaj Ghadiali, Managing Partner at PC Ghadiali & Company LLP.
Question: I paid an advance to purchase an apartment worth Rs 45 lakhs. Subsequently, the registration value was increased to Rs 66 lakhs by the State Government. I plan to buy the apartment jointly in the name of me and my son and register it in both our names. Since the apartment is being purchased by two individuals, what is the TDS amount that needs to be paid?
Answer: 1% TDS applies to property worth Rs 50 lakhs or more than that. You will not be applicable to pay 1% TDS if the property is worth Rs 45 lakhs. TDS is applicable on actual consideration and not stamp duty valuation.
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