My wife (FIRST OWNER) and me (SECOND OWNER) jointly have booked a plot from a builder for 1 crore. We have also jointly applied for plot loan from bank for the same for 75 lacs. We and bank have paid a total of 60 lakhs rupees to the builder. I have paid 25 lacs as our share to the builder from MY INDIVIDUAL ACCOUNT. and rest money of 35 lakhs has been paid by bank. Of these 65 lakhs I have deducted 0.75% TDS before giving to the builder. Now my question is while paying TDS whose pan card should used as buyer, as our share of payment has been done from my personal account and my wife is first owner? Additional info: Me and my wife are both earning members of the family
Your wife is not required to deduct TDS as she is not "responsible for payment" to Seller, in your case amount consideration is to be paid by you so you are only responsible person to deduct TDS. Your wife will remain joint owner irrespective she doesn't make any payment
2) your PAN Card should be used as buyer
Pan of any one of joint owners can be used. There is no requirement of first joint owner or second joint owner using pan of payment of TDS.
TDS on property sale is deducted on total consideration irrespective of number of buyers and sellers. and their respective contribution in the property.
All buyers and sellers will fill/receive separate forms/TDS certificates.
