Tds on immovable property

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

29 April 2016 I HAVE PURCHASE A FLAT UNDER CONSTRUCTION BUILDING IN YEAR 2011(BOOK FLAT) AND
SALE AGRREMENT DEED REGISTERED IN 29TH JUNE 2013

BUT I NOT DEDUCT TDS BECAUSE I DON'T KNOW ABOUT THE RULE THAT TIME

TOTAL COST OF FLAT - RS. 71,00,000/

AND I HAVE DONE PART PAYMENT IN YEAR 2011 (UPTO RS. 28.51 LAC)

BALANCE AMT - RS. 42,49,000/ (NOT TILL) THIS PAYMENT PAID AFTER COMPLITION OF BUILDING (CONSTRUCT COMPLT IN YEAR 2017)

THEN ABOVE DETAILS I NEED HELP FROM YOU (TDS DEDUCTION IS APPLICABLE FOR ME OR NOT)
IF YES THEN WHICH YEAR WORKING FOR TDS AND WHAT IS INTERST AMT ????

AND ON WHICH AMOUNT TDS DEDUCT BALANCE AMT OR PURCHASE VALUE ??

CA CMA CS Ram Pavan Kumar Melam

CA CMA CS Ram Pavan Kumar Melam (Expert)
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01 May 2016 TDS is applicable as per section 194-IA. You have to deduct and deposit @ 1% on each payment including on loan release from the bank. The limit of Rs. 50 lakhs is property specific and not financial year specific.

The below is the link for deposit of tax u/s 194-IA.
https://onlineservices.tin.egov-nsdl.com/etaxnew/PopServlet?rKey=-785538681

Querist : Anonymous

Querist : Anonymous (Querist)

02 May 2016 HELLO SIR,
THANKS

BUT I WANT TO KNOW ON WHICH AMOUNT I WANT TO PAID TDS

28 LAC PAID BEFORE RULE APPLICABLE AGRREMENT DID ON 29/06/2013

NOW ONLY 43 LAC PAYAMENT PENDING AND THIS AMT PAID AFTER COMPLTION OF PLOT IN YEAR 2017

SO I AM APPLICABLE OR NOT IF YES THEN ON WHICH AMT I DEDUCT TDS (AND INTEREST AND PENALTY PAYABLE OR NOT)

PLS ANS ME

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CA CMA CS Ram Pavan Kumar Melam

CA CMA CS Ram Pavan Kumar Melam (Expert)
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02 May 2016 This provision is applicable from 01-06-2013.

Querist : Anonymous

Querist : Anonymous (Querist)

02 May 2016 SIR I KNOW RULE START ON 1ST JUNE 2013 BUT MY QUESTION IS
ON WHICH AMOUT I DEDUCT TAX ON RS.41 LAC OR OTHER