One of my Client Start to make & Complete payment to Promoter from FY 2012-13, 2103-14, 2014-15 & 2019-20 of Rs81Lakh (Including of Service Tax Rs2. 52 lakh) for purchase of Flat.
They taken a possession of Flat in September 2019 (Registery made on 19.09.19).
please note Buyer payment details :-Financial Year:-
2012-13- Rs45 lakh
2013-14-Rs21 Lakh
2014-15-Rs11Lakh
2019-20-Rs4 Lakh
Wheather Buyer have to pay TDS @ 1% as said value is exceeding the limit or TDS not applicable as Flat Half value paid in 2012 before applicability of law i.e. 01.06.2013
It's debatable since 194IA applicable from 1st July 2013.
Consideration paid after the applicability of the section is less than 50lacs.
But at that the house might not have been in existence.
So your client got the house in 2019 .Total consideration paid for the house is exceeding 50lacs ,he must deduct tax @ 1% on last payment.
CAclubindia
