Is tds applicable for advance paid towards buying a property

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Querist : Anonymous

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Querist : Anonymous (Querist)
09 February 2015 Dear Sir,

I have a query that, is TDS applicable for making advance payment towards buying a property.

Please give me a correct reply for the same.

regards
Prem

09 February 2015 Yes TDS is applicable on advance payments if the property value exceeds 50 lakhs.

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Querist : Anonymous

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Querist : Anonymous (Querist)
09 February 2015 Thank you sir, This rule is applicable from June13 onwards, suppose had made a payment of Rs.15lakh advance in July13, and dedcuted tds@1% under 194IA, but not made the tds payment till date, what will be the implications. tds deductor do not have TAN no.also, in this situation what we need to do, interest on TDS@18% per annum need to pay, right, if anything more to do please advise me.

regards

09 February 2015 No TAN is required for this remittance. Interest is payable at 18% p.a.


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