Tds on immovable property.
This query is : Open
24 April 2016
Tds on immovable property is deducted on consideration being more than INR 50,00,000.
Does this consideration amount includes service tax component?
What will be treatment if agreement says property value being 49,50,000 + service tax. What will be consideration in this case and will tds be deducted?
What if the agreement says 51,00,000 inclusive of taxes?
Thanks
Mohit
Does this consideration amount includes service tax component?
What will be treatment if agreement says property value being 49,50,000 + service tax. What will be consideration in this case and will tds be deducted?
What if the agreement says 51,00,000 inclusive of taxes?
Thanks
Mohit
24 April 2016
Think again... Is service tax is levied on sale of immovable property... ???
And as far as Vat concern... Vat is levied only on goods and land building are not goods..
24 April 2016
In case of buying a builder flat service tax is charged by the builder. My query is in relation to that.
24 April 2016
TDS has to be applied on total consideration including taxes.
24 April 2016
TDS is applicable in this case. One helpful article on this topic :
http://taxguru.in/income-tax/notices-related-tds-immovable-property-purchase.html
Abhishek Ranjan Singh
www.arssolutions.co.in
+919022838615
http://taxguru.in/income-tax/notices-related-tds-immovable-property-purchase.html
Abhishek Ranjan Singh
www.arssolutions.co.in
+919022838615
Message likes :
5 times
25 April 2016
yes I agree with both the experts. tds is applicable in your case. however you can deduct and pay tds on amount excluding the service tax component. so in your case on 49.50 L
25 April 2016
Mr. Kaushik Joshi
Are you sure TDS will be not deduct on Taxes? What will registration Value on the Paper?
Are you sure TDS will be not deduct on Taxes? What will registration Value on the Paper?
Message likes :
5 times
25 April 2016
As far as Circular 01/2014 dated 13.01.2014 goes, it specifically States to exclude service tax while computing tds in terms of an agreement or contract. So in my opinion no tds is required to be deducted on service tax component. As far as other charges are concerned, I'd suggest to include them while computing tds.
25 April 2016
Yes you are correct if No TDS on service tax if it is shown separately. But some time in registration paper it is not separately so as per my opinion it is better to deduct TDS on it. What do you say?
Message likes :
4 times
25 April 2016
yes there is no harm in deducting tds on the entire amount including service tax.
Message likes :
1 times
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- REGARDING GST ON COMMERICIAL PROPERTY
- Is this income indian or foreign income?
- 15ca /15cb whose income tax login? remitter or nri seller's login?
- Regarding Documentation & Compliances for Opening of Unit of Pvt Ltd.
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- TDS U/S. 194NF
- GST on export of services and Input Credit
- ITC temporary reversal and reclaim
- Applicable TDS rate for sale of property in Nov 2024
- Can we claim ITC of Feb-2024 in the month of November-2024 which was not claimed by oversight
- Event company query
- MIS MATCH OF INVOICE NUMBER
- VERIFICATION OF REFUND RELATED
- GST Regis.
- ITC c/f from FY2022-23 to FY2023-24 entered the same in table 8C of GSTR9 of FY 2022-23, in FY23-24
- Late filling fees Demand by gst office
- IGST Credit-Show cause notice issued-confusion
- Short and Excess provision of expenses
- Issue of gst e invoice
- Interchangeable words in accounts
Trending Online Classes
CAclubindia
