Hello, I purchased a property in Jan 2011 value 55Lacs. I have paid 35Lacs before 1st June 2013 and the rest 20L thereafter till now. Since the sales agreement was made prior to June 2013, is this 1% TDS rule applicable in my case?? If yes, do I have to pay TDS on 25Lacs paid after 1st June 2013 or the entire amount since Jan 2011 i.e. on 55Lacs?? Please explan, I have read many articles here but still confused, some say its applicable and some say not applicable.
2 Replies
Shailendra
(Consultant)
(36 Points)
Replied 25 April 2016
Whether the TDS applies or not depends solely on date of payment and not on Sale agreements. TDS is applicable only on amount due/payable on or after June 01, 2013 but not on the amount already paid before June 01, 2013. So in your case I would think 20L is applicable for TDS.
Udgam Koomar
(Tax Technologist)
(1949 Points)
Replied 25 April 2016
i got confused as some said that for under construction property i dont have to pay
Recent Topics
- Applicability of 44AD needs clarification
- ITC reversal in GST 3B
- Claim if ITC on stocks 19-2020 conversion from com
- Urgent doubt on GST
- Profit or Loss on Sale of Assets Accounting treatm
- Clarification on RCM on Rent Payment for QRMP Deal
- Reclaimed itc in gstr9
- Gamification in Accounting Software: Boosting Enga
- I want to knw Hsn code and gst rate of resin produ
- Schedule FA clarification
Related Threads
CAclubindia
