CA. Umesh kumar (ca.umesh11@gmail.com) (1465 Points)
15 October 2023TDS on sale of property, Section 194IA
Agreement value 80 lac, agreement date – 01.04.2023
First Instalment Payment of Rs. 10 lac is to be made to builder in oct 2023
Is it mandatory to deduct TDS @ 1% u/s 194IA , or can I deduct later on when payment
Exceeds 50 lac.
In one case buyer paid various instalment to builder starting from 1.4.2019 and up to 15.10.2023 total 45 lac paid to builder without deducting TDS. If we deduct TDS now and then there will be late fee and interest. Please suggest
Daya
(Job)
(3114 Points)
Replied 16 October 2023
Dear umesh ji,
First of all see property document and see how much amount to be paid regarding the said property, and if the property value is Exact Rs. 50 Lakh or more then you have to require to deduct TDS @ 1% and.
CAclubindia
