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Tds on payment of property emi

camahesh (CS) (57 Points)

31 October 2018

I have purchased property of Rs 60 lakh ( today) i have to make payment of EMI of Rs 1.5 Lakh per month ( 18 Lakh per annum) for 4 years , as total transiction is above 50 lakhs wheras yearly payment of said property is Rs 18 Lakhs .............so is there any requirement of deducting TDS

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3 Replies

rama krishnan (12244 Points)
Replied 31 October 2018

yes you need to deduct tax

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shailendra shukla (Bhopal) (1741 Points)
Replied 01 November 2018

in the same question i have a query.... considering the same situation if i have purchased i property and the consideration is fixed at the begining of the settlement through pre-dated cheque in 5 installments... whether m liable to deduct tax at the total consideration or the partial payment on each installment...? because the law says payment or credit whichever is earlier is the point of time at which liability to deduct tax arrises.... as the creditor for property is booked on the full consideration the book entry is already done.... so confusion is there.... can anyone help?