Property Upgrade from Flat to Villa
This query is : Resolved
16 February 2024
Hi,
I booked a flat in 2018-2019 total amount of 90 Lakh.
I have paid upfront about 60 Lakh. Somehow project got delayed and to date, the property has not handed over.
Now in the same project builder is offering a Villa at 1.5 CR and I want to upgrade. In this case, they will be signing a new agreement in February 2024 and will transfer the 60 Lakh paid earlier in to villa account.
And as per CLP (Consturction link Payment) I have to pay 20 Lakh.
Should I deduct TDS on 20 Lakh or 80 Lakh (20 Lakh payment now + 60 Lakh Paid in 2019)?
PS: In 2019 there was no requirement to deduct TDS so I haven't deducted that time.
Old Flat booking was neither registered nor possession was given.
I booked a flat in 2018-2019 total amount of 90 Lakh.
I have paid upfront about 60 Lakh. Somehow project got delayed and to date, the property has not handed over.
Now in the same project builder is offering a Villa at 1.5 CR and I want to upgrade. In this case, they will be signing a new agreement in February 2024 and will transfer the 60 Lakh paid earlier in to villa account.
And as per CLP (Consturction link Payment) I have to pay 20 Lakh.
Should I deduct TDS on 20 Lakh or 80 Lakh (20 Lakh payment now + 60 Lakh Paid in 2019)?
PS: In 2019 there was no requirement to deduct TDS so I haven't deducted that time.
Old Flat booking was neither registered nor possession was given.
16 February 2024
No need to deduct TDS on earlier payment.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Refund Annexure-B
- Liable to deduct tds and 44ADA
- Sale of Equity shares for Purchase of Residential Property
- Nomination of Bank for refund in itr 2
- Section 56(2) of the Income tax Act 1961 , Gift to relative .
- ECO SUPPLY REPORTIONG IN GSTR-1
- Is Interest applicable for payment made through credit ledger vide DRC03 for FY 2020-21 & 2021-22
- CCFS 2026 Schemed
- Subscription paid to foreign customer
- Two seprate Invoice needed
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
- Regarding change in correspondence address in SSP portal
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
