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TDS on purchase of house property

Divya Priya (student) (333 Points)

22 February 2020

My friend is going to buy house for 97 lakhs , total sale consideration . He is also applying loan for 50lakhs. He gave advance of 20lakh and sale agreement was made on 20th Feb 2020. How and when tds to be deducted ? And before which date the deducted tds to be paid to government and by seller or by buyer?

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Eswar Reddy S (CFO- at NHTF) (58270 Points)
Replied 25 February 2020

You can deduct at the time of each payment.

Else in the next payment you must consider entire value and Tds @ 1% on 97lacs.

So Tds will be 97000/-

There will be challan cum Tds return -26QB for immovable property.

There will be 30days time from 1st March if Tds deducted in February.