Reg TDS on Property
This query is : Resolved
Nitin Acharya
(Querist)
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.
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
(Expert)
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.
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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