In case of a resale tranaction with loan from bank, how does it work. For example: if agreement value is 70 Lacs, and following is payment breakup:
40 Lacs from Bank
30 Lacs Cheque
Now, as buyer i will deduct 70,000 from 30 L, and submit as 1% TDS on seller's PAN. As per my knowledge, bank will need to see seller's statement to make sure all the funds are transferred before disbursing loan amount. Now will they consider payment of 29,30,000 Lacs + TDS receipt of 70,000 for disbursement? If no, what will be the altenerate method?
Also, do we get any receipt as soon as we make e-payment for TDS online which can work as a proof for bank?
If anyone has gone through this exercise, and dont mind having an offline conversation that would really help. Thanks again !!
