Tds on immovable property

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gaurav gupta (Querist)
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16 December 2014 I entered in an agreement of purchase a house on 12/08/2013 an paid a rupees 10 lakhs on the same date as earnest money of agreement. Later on remaining money of rs 70 lakh i paid on 17/11/2013. WHAT IS MY TDS LIABILITY? WHAT IS MY INTEREST LIABILITY? FOR HOW MANY MONTHS INTEREST I HAVE TO PAY AT WHAT %? I DIDNT FILE ANY TDS RETURN YET.

AND WHAT IS THE MEANING OF THIS LINE "Tax shall be deducted at the time of payment or at the time of giving credit to the transferor, whichever is earlier".

Amol S Joglekar

Amol S Joglekar (Expert)
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16 December 2014 The clause of earnest money needs to be READ carefully. Subject to that
1% TDS is required to be made.
on 70 lakh, 17/11/2013.
"Giving credit to the transferor" is not applicable in your case. It comes into play where there are some sort BATER deals.

gaurav gupta

gaurav gupta (Querist)
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16 December 2014 sir i didnt understand. can you elaborate futher?

Amol S Joglekar

Amol S Joglekar (Expert)
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16 December 2014 01. The clause of EARNEST money in your agreement is to be read carefully. It will decide whether the TDS on that 10 lakh to be done on 17/11/2013 or 12/08/2013.

02. Your transaction does NOT involve any BARTER, so the question of "giving credit etc etc" does not arise.

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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16 December 2014 u need to deduct 1% tds on amount u paid.........

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