Hello Sir
I am in a very fix position. I want to buy a property from an NRI. The NRI has some obligatioin with some individual with whom she has an unregistered agreement to pay him 50% share of the sale consideration. He does not have his name in the title.
Now she wants that person to be as confirming party and he be given payment direct by the buyer and her total TDS liability should be decreased by the amount whcih is paid to the confirming party.
The confirming party wants to pay a TDS of 1% as is applicable in properry registration. The value of his share is more than a crore.
For simplicity: Total sale c onsideration: Two crores
NRI share: One crore
Confirming party share: One crore.
The NRI wants to pay TDS on her one crore share and I am supposed to deduct of erest sale consideration from confirming party.
My Querry: (1) Will the sale consideration for stamp valuation taken as two crores
(2) Can the confirming party be given funds this way/
(3) Under what section of IT the TDS is to be deducted and how much on the share of confirming party
Thanks and with regards
