Brokerage paid for sale of apartment
This query is : Resolved
09 June 2018
Can I pay brokerage of 1.5 L to an individual by cash?
Is any TDS applicable? What are the implications of not doing TDS if it's mandatory?
Is any TDS applicable? What are the implications of not doing TDS if it's mandatory?
CA R SEETHARAMAN
(Expert)
09 June 2018
You can't pay brokerage exceeding 10,000 in cash. TDS applicable non deduction of TDS 30% of expenditure will be disallowed.
TDS not applicable if you are an individual not covered under tax audit.
TDS not applicable if you are an individual not covered under tax audit.
09 June 2018
I am an individual selling my apt calculating long-term capital gain. Not sure sure what u mean by coming under tax audit. Thought payments above 2L by cash is an issue.
Nikhil Kaushik
(Expert)
09 June 2018
Dear Sunil,
As an individual who is not running any business, you can pay expenses in cash upto 2 lakhs but you need to ensure one thing - that the broker is giving you a proper invoice. Otherwise, you won't be able to claim any deduction while computing capital gains.
As an individual who is not running any business, you can pay expenses in cash upto 2 lakhs but you need to ensure one thing - that the broker is giving you a proper invoice. Otherwise, you won't be able to claim any deduction while computing capital gains.
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