The Income Tax Appellate Tribunal (ITAT), Jodhpur has held that the provisions of TDS would not applicable on the sale of property if if Sale Consideration of each Co-owners does not exceed Rs. 50 Lakhs.
The assessee-Company purchased a residential property for Rs. 60 lakhs from two people Shri Anant Ram Kumawat and Smt. Seema Kumawat who jointly owned the same.
The sale was executed on behalf of the Joint Owners by Shri Vijay Kumawat who held Power of Attorney of the Joint Owners of the property to act on their behalf in relation to the property which was sold to the assessee.