IF HOUSE PURCHASE FROM BUILDER AND WE DEDUCTED TDS @ 1%
HOUSE VALUE =3750000
TDS=37500
HOW PASS JOURNAL ENTRY IN OUR BOOKS OF ACCOUNTS
No TDS is required to be deducted when house purchased value is below Rs. 50 lakhs.
2 Replies
NARENDRA
(ACCOUNTS MANAGER)
(2009 Points)
Replied 19 July 2023
Agree with Shri Dhirajlal Rambhia Sir, but still if you deduct tds & paid then you should entered ..... following entry
House ( FA ) - 3750000
To Tds Payable ( Prov.) - 37500
To Builder A/c ( Crs. ) - 3712500
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