I have purchased an under construction property worth Rs.2.9Cr
Have paid 10% i.e. rs 29 lacs from my resources till now, balance is being released by my bank against my home loan to the builder. bank is releasing full amount to builder, am I liable to pay 1% TDS on these amount too ? Or should the bank release 99% to developer and balance 1% to me to be able to deposit in TDS account of developer? Currently they are releasing full amount to developer.
I hope I am not be penalised for NOT depositing TDS on purchase on property under the above circumstances.
Request experts to please guide me on this issue.
Thanks.
Sanjeev kapur