Hi,
It is ok to deduct TDS in husband's name only if husband is going to show the entire capital gain in his account.
I dint understand your follow-up question.
How to deduct TDS on Property Sale u/s 194IA
JSituation: Husband and wife are the joint owners. Ownership proportion is not explicit. Wife is a house wife. So she has no earning source. The property is paid from joint bank account. Loan was taken jointly. Question: Now buyer should do TDS and deposit in Husband's PAN or both?
Asked 6 years ago in Property Tax
If answer is 'both' then follow up question: Wife has never filed taxes earlier and property (under construction) payments to builder were shown as assets only in husband's ITR. Can't this be a query by IT dept? If answer is only husband, then follow up question: More than a year has elapsed. How much time will correction by the buyers take? They don't have digital signatures.
Asked 6 years ago
Thank you for your answer Lakshita but the question is not if it depositing in husband's PAN is ok or not. More specifically the question is if it is okay for the buyer to deposit TDS (0.5%) for both husband or wife in this case? Because the buyer has already done that. If that is okay then no problem. If that is not okay, then the follow up question is if the buyer can do the correction after more than a year? Thank you
Asked 6 years ago
Hi,
Even if you have deducted the TDS in both husband and wife's name, it is ok. As long as total 1% TDS has been deducted, there is no serious issue.
That's okay if buyer has deducted TDS on both husband and wife.
Because that is what is correct as it is in both husband and wife's name.
Did husband file any balance sheet to income tax department and any which ways even if he has you will have to show capital gain income in both husband and wife return as purchase deed is made in both name.
Hope you find the information helpful if you do please rate it 5 and provide your valuable feedback for my improvement.
Thank you
It is fine if the buyer has deducted TDS in the name of both husband and wife. Wife has to file ITR and transfer TDS to husband because entire capital gain income is taxable in the hands of the husband only.
Hello,
Actually, the buyer was required to deduct in both husband's and wife's PAN.
If the property is owned by both as joint owners, capital gain liability is also on both. If the TDS has been deducted in both PANs, no problem.
I hope this answer satisfies your requirement.
Regards,
CA Hunny Badlani
your query is not clear, whether TDS has been deducted on both's PAN or only husband's PAN.
Anyways, mentioning both scenarios,
If the TDS has been deducted in only husband's PAN and capital gain liability is own both(being joint owner), then husband needs to transfer proportionate TDS to wife.
If the TDS has been deducted in both PANs and the property is owned by both as joint owners, capital gain liability is also on both, no problem.
Dear Sir,
Hope you are doing well !!
Ideally, it should have been deducted from both of your PANs.
It is absolutely ok if the buyer to deposit TDS (0.5%) for both husband or wife in this case.
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