Reg TDS on Property

This query is : Resolved

Nitin Acharya (Querist)
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31 December 2021 1) If Investment is made in the property of value Rs 1.50 Cr in the joint name Mr. X & Y (wife)[ ratio of Investment 80: 20], then both Mr. X & Y or Mr. X should pay TDS on property.
If full payment Rs 1.50 Cr is paid to Builder by Mr. X & Y jointly without TDS on property & the Builder deducts TDS on behalf of Mr. X will do.
2) If P advances to Builder 90 lacs on which GST is also paid & TDS paid by builder on behalf of Mr.P. Agreement not yet registered & the value of the agreement will be Rs 1 Cr. Is it OK if Mr P pays bal Rs 10 lacs & GST before the registeration of agreement & Builder pays TDS Rs 10,000/-on prop on behalf of Mr. P?
Please give reply with implication.

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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31 December 2021 1. Yes. Ask to deduct from both owner's acc.
2. TDS should be paid within one month of advance/payment. GST should be paid by builder, as collected from buyer of property.

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