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How to fill TDS after taking home loan as co-owners?- Property Hotline
Posted
December 15, 2016
Views
7,366
Likes
34
Comments
1
Engagement
0.48%
December 15, 2016
7,366
34
1
0.48%
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5:10Now PlayingExpert: Vinay Singh, Legal & Tax Expert
Question: I have purchased an under construction property recently in May 2016 with consideration value greater than Rs 50 Lakh with other co-owner i.e. my wife. We both are salaried employees. Total owners are 2 including myself. We have taken a home loan as 2 co-owners for this property. In this scenario may kindly advise how to fill TDS. Whether we both have to pay the TDS amount for each installment or any single person from two of us can pay the TDS amount. Kindly help.
Answer: Both need to deduct TDS from seller as per your share. Both you need pay Rs 5 lakh installment to the builder. To buy the flat, you need to pay service tax at 4.5% and VAT at 1% or whatever that is applicable at your residence, and 1% TDS. If the flat is under-construction, you need to pay service tax, VAT, and TDS at every installment to the developer. Also, be prepared to pay stamp duty charges and registration charges. Be prepared to pay 10-12% of the value of the flat as taxes.
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