LIVE GST Certification Course by CA Arun Chhajer begins 27th April. Register Now!!

Tds on sale of property

Anup Agarwal (Accountant) (53 Points)

02 November 2015

Dear All

We had sale a property to a Person and even registered that property in his name, but he fail to deposit TDS 1% 10582 out of 55643. Now, he is deffering to deposit.

What will we do, to ask him deposit Rs 10582 as balance TDS and what we can take action against him.

Is we are penalise any terms and how he can be effect from TDS department.

Reply
Follow
Share

3 Replies

Ruchi (CA) (1410 Points)
Replied 02 November 2015

The liability to deduct Tds is not on you. Hence, you are not in default. Your responsibility is only to ensure proper disclosures in your accounts and returns. And pay proper taxes after considering admissible amounts of tds as shown in your 26AS. You can only ask the purchaser to do the right thing and if he is still unwilling , he is at default. The Tds dept will query or penalise him and not you.