How to pay interest on tds on sale of property

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This query is : Resolved

anil (Querist)

21 March 2016 Sir,

I have purchased a property but not deducted the TDS on payment to builder, and paid full instalment. now the builder has given me a ca certificate for taking the all the payment in his income tax return, now i want to pay the interest on late payment. what is the procedure to pay the interest on TDS on sale of property. please help me.

A.Senthil Subramanian

A.Senthil Subramanian (Expert)

22 March 2016 TDS on property is applicable only on property cost Exceeds Rs.50 lakhs. 1% is TDS. If belatedly paid 1.5% monthly Interest payable. In payment challan itself Interest column available. If you did not pay the TDS in time of registration, the Interest amount is to be paid with TDS deposit. If TDS was paid already but Interest to be paid now then you may use the following link. https://onlineservices.tin.egov-nsdl.com/etaxnew/tdsnontds.jsp

CA SUNIL K GARG

CA SUNIL K GARG (Expert)

26 March 2016 TDS is required to be deducted on payment of the purchase consideration to builder, i.e. TDS is to be deducted on purchase consideration. It is irrelevant from the point of view of purchaser whether builder has shown all the payment in his income tax return. The liability to deduct TDS on purchase consideration still lie on the purchaser, thus TDS along with interest is required to be deposited to the credit of Government through Form 26QB.

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