Hi Sir
I am a buyer doing a property transaction and the seller asked me to issue a cheque on his name keeping the bearer option. He said he would like to withdraw money.
We have decided to go with 3 separate cheques of 4L, 4L, 3L rupees
Now, the question is, will there be any TDS deducted from my side.
Also, how the payee spends the withdrawn cash, is it traceable or not is his onus correct
You may issue bearer cheque on sale of immovable property..
There is no tds implications on sale of immovable property of upto rs. 10 lakhs
The money recd from you would be traced back by the banking system if proper investigation gets carried out.... But it bring no onus on you
Sir, I did not receive any money from the seller, I am giving money to the seller.
And the money am I sending is proper, accountable received from proper sources like employer after TDS deductions
| Originally posted by : futureplanner | ||
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Sir, I did not receive any money from the seller, I am giving money to the seller. And the money am I sending is proper, accountable received from proper sources like employer after TDS deductions |
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The source of money upto 10 lakh would not be traced by the department.
And there is no tds implications on purchase or sale of property amounting to rs. 10 lakh
I mean there is no tds liablity upto 50 lakhs... Ucan issue issue bearer chq to ur seller
CAclubindia
