01 November 2022
Hi All, I recently purchased an immovable property-flat-value around 54 lacs. The amount is being finance by bank to extent of 70% and rest is paid by Downpayment of 30%. Just wanted to understand when I deduct TDS how to arrive at the value on which TDS is to be deducted and how to pay 1% less since bank directly transfers amount to builder. Also please help understand GST and it’s implication while arriving at the value of property. Please guide them will deduct tax accordingly. Thanks, TS
02 November 2022
When I check on Internet it says TDS is to be deducted at value excluding GST.Also if bank is making payment will they agree to pay 1% less and if they don’t agree how to adjust after entire amount is paid by bank builder. I mean how to ensure that TDS is paid simultaneously after 1% retainership
02 November 2022
Yes, bankers will agree for 1% retention and pay it to you for TDS payment. You can exclude GST for TDS. TDS can be paid after one or two days of loan payment.
CAclubindia
