Doubt in 194ia

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This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

20 February 2014 I have purchased property of Rs. 1 crore and paid advance of Rs. 30 lacs on 11/11/2013 to the saller. But agreement made on 15/02/2014. Now i want to deposit TDS. Whether i have to pay interest @ 1.5% on TDS of payment made on advance ? If yes how many months?

Nikhil Kaushik

Nikhil Kaushik (Expert)
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22 February 2014 yes you shall have to pay interest for four months nov, dec, jan, feb. however, the interest rate shall be 1% given that you have not deducted TDS at all. so deduct TDS now and pay it immediately alongwith interest @ 1% for four months.

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