Payment of purchase consideration of flat to builders

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

11 August 2012 when buyer of flat making payment towards purchase consideration of flat to builders, is it require to deduct tax and then make to payment?
if yes from which date is it applicable?

Amol S Joglekar

Amol S Joglekar (Expert)
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11 August 2012 Not now. Wait till the notification comes.

Mohit Naithani

Mohit Naithani (Expert)
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11 August 2012 No... Deduction is not allow in such case...

CA CS Amit S. Kedia

CA CS Amit S. Kedia (Expert)
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11 August 2012 In the Recent finance Budget 2012, It is was proposed by the FM in the budget speech to deduct tds @ 1% however the same was not enacted in the finance act 2012 and accordingly, at present, TDS is not required to be deducted on the payment towards purchase of immovable property.

Querist : Anonymous

Querist : Anonymous (Querist)

14 August 2012 will u have any article on it?

Amol S Joglekar

Amol S Joglekar (Expert)
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14 August 2012 wait for a week or so. You will get a good article on this from Maharashtra State. Builder lobby has to pay VAT from 2008-09... the judgement has arrived.

Deepanshu Agg.

Deepanshu Agg. (Expert)
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21 September 2012 NO TDS to be deducted