Brokerage payment

This query is : Resolved

edgar sylva (Querist)
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11 October 2022 Having sold my flat I have to pay 1 pct brokerage to my broker.
Do I have to deduct tax on this brokerage before issuing her a cheque or can I pay the whole amount to her?
She has said that all taxes and charges will be paid to the Govt by her firm.

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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11 October 2022 Yes, deduct TDS on brokerage paid.

edgar sylva

edgar sylva (Querist)
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11 October 2022 what TDS should I deduct from the brokerage and where do I pay it Mr. Seetharaman.

edgar sylva

edgar sylva (Querist)
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11 October 2022 First time in my life I have sold my flat and moved to my hometown. I am nearly 80 years of age.

edgar sylva

edgar sylva (Querist)
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11 October 2022 what happens if I have not deducted TDS and sent a cheque to the broker for the full 1 pct brokerage? I can still act as the cheque is in transit. Should reach the broker tom as I am tracking the speed post.

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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11 October 2022 No need of TDS in your case.
TDS applicable only for tax audit cases.

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edgar sylva

edgar sylva (Querist)
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11 October 2022 thank you Sir.I appreciate your prompt response.

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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11 October 2022 You are welcome..

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