Me and My wife together bought a under contraction flat cost 54 lac. We have deducted 1% TDS and deposited to government while paying installment. I have deposited 22000 against my PAN and My Wife has deposited 32000 against her PAN. Is there any problem in this since we didn't deposit TDS in 50-50 ratio against each PAN? Is it require to mention in the registration deed that we own the property in the ratio we have paid TDS?
If nothing is mentioned in the deed it's assumed you are 50-50 partner.
If the amount is mentioned with the name of that person then that would be their share in property.
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Thank you
Hi
You must have deducted TDS on the basis of payments made by each of you. That is fine.
If you want your share to be specifically mentioned, you may do so. The deed would anyways contain the payment details and TDS details.
Hi,
Hope you are doing well !!
-There is no problem as you must have deducted the TDS on basis of payment made by each of you.
-In the absence of any such details as to the share of investments made for acquisition of the property in the purchase document, it is presumed in law, that all the coowners have equal undivided share of interest, right and title in the property.
Hello,
The TDS deduction is required to be made on the basis of payment done. No problem if you didn't deduct a per ownership share.
You should mention the ownership details in the registration deed.
I hope that this answer satisfies your requirements.
Regards,
CA Hunny Badlani
Hello Sir,
There is no problem if you didn't deduct/deposit tds in 50-50 ratio against each PAN. TDS is required to be deducted on payment.
Yes, it is advisable to mention the ownership ratio in the registration deed to avoid future litigations.
