TDS deduction by buyer for unregistered property

Hi
I am planning to sell flat which i bought in 2012 through resale. Currently there is no registry of the flat and I have paid the full and final amount to builder.
Till now all Pre-EMI and EMI is being paid by me, however my spouse is also co-applicant with me in home loan and property.Buyer is also taking home loan and there will be home loan transfer between us( Buyer and seller).
Please help me to know that should buyer deduct 1% TDS on both PAN card ( mine and spouse) by splitting payment between me and my spouse.
Since I am selling this Flat in loss how i can claim the TDS refund.
Thanks and Regards
Nitin Sinha
Asked 1 month ago in Income Tax from Ghaziabad, Uttar Pradesh
Please clarify whether wife is also one of Joint owner in the Agreement of Sale document.

Home loan coapplicant is not relavant as in case of Home Loans spouse will be accompanied for eligibility purpose.

If she is also named in Agreement of sale document then you can split the amount to be received from buyer. Also TDS will also be deducted accordingly.
Shyam Sunder Modani
CA, Hyderabad
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Yes you can do the same. As far as income/loss is declared in totality Department will not have problem.
Shyam Sunder Modani
CA, Hyderabad
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Hi Nitin Yes all TDS deduction in your PAN is possible due to all payment of property paid you and your wife name used in registry due to love and refund as per applicable provisions possible.
Lalit Bansal
CA, Delhi
434 Answers
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TDS Amount must be reflect in your From 26AS and buyer will provide you Form 16B,
for claiming refund you have to file your ITR and show capital gain transaction in income from capital gain head and other income in respective heads and claim refund
Lalit Bansal
CA, Delhi
434 Answers
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he will provide you form 26QB form along with challans.
you can also check online after submission of Form 26QB online (after 10 days)
Shyam Sunder Modani
CA, Hyderabad
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Hello,

1. TDS has to be deducted in both your names as the property is in joint name.

2. You just have to ask for a TDS certificate and claim the refund at the time of filing of returns in case you are selling it at a loss.

Trust this clarifies your query. 

Feel free to call / get back in case of further clarifications. 

Thanking You. 

Regards,
Rohit R Sharma
BCOM, FCA, LLB, CERT. FAFP 
Rohit R Sharma
CA, Mumbai
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Hi

If you have made all the payments till date, it is advisable to get the entire amount in your name and get the TDS deducted in your name. You can claim the refund at the time of filing of income tax return for the current year.

We can help you in TDS deduction as well as filing return. 

Please feel free to call/ revert in case you need more clarity

Thanks and regards
Abhishek Dugar
CA CS B.Com
Abhishek Dugar
CA, Mumbai
2201 Answers
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Hi,

The buyer will deduct TDS on both your names. You will have to collect a TDS certificate from the buyer and claim a refund when you file your income tax returns next year.

Regards,
Keerthiga Sharma.
Keerthiga Padmanabhan
CA, Greater Mumbai
688 Answers
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