In a recent judgement by ITAT bench Jodhur, which applies to all joint properties and relates to the deuction of 1% of the sale consideration or market value which ever is higher as TDS and deposited with the IT department by the buyer ,if the sale consideration is 50 lacs or more. The bench held that in case of joint property if each individual gets less than 50 lacs then the TDS section does not apply and. TDS is not to be deducted by the buyer and deposited.
This is a very good observation and decision by the ITAT bench and will be of immense help to individuals where either buyer are more than one or sellers are more than one as is normally in case of joint or ancestral properties.
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