I have purchased a flat from awas vikash in aug 2013 in installment basis. And i have paid my last amount in march 2018 and now registration is pending just because i have not deducted and not submitted tds 1%(form 26qb)
My question is
We select installment basis or lumpsum basis
1 Replies
Akash Gaur
(29 Points)
Replied 27 April 2018
As per Section 194IA, the purchaser of an immovable property has to deduct tax @ 1 if the amount of consideration is Rs.50 Lacs or more. Even if it is purchased on instalment or Lumpsum basis you have to deduct tax.
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