28 April 2016
e.g 1) i am going to purchase 51,00,000/-Flat in Mumbai ... and it is under construction . i am paying it in installment , so i want to know every installment i have to deduct TDS. OR at time of registration..
2) i am paying service tax and vat amount separately to the builder .. so i want to know i have to pay TDS on it
29 April 2016
TDS on property is required to be deposited with income tax authorities within 7 days from end of month in which TDS was deducted. If payment is made in installments then it shall be deducted at each installment and deposited after each one. On a reasonable interpretation of the section, Service tax and VAT should not be considered as part of consideration and tax thereon should not be deducted.
CAclubindia
