TDS on immovable property purchase
This query is : Resolved
Quick Summary
01 November 2022
Hi All,
I recently purchased an immovable property-flat-value around 54 lacs. The amount is being finance by bank to extent of 70% and rest is paid by Downpayment of 30%.
Just wanted to understand when I deduct TDS how to arrive at the value on which TDS is to be deducted and how to pay 1% less since bank directly transfers amount to builder. Also please help understand GST and it’s implication while arriving at the value of property. Please guide them will deduct tax accordingly. Thanks, TS
I recently purchased an immovable property-flat-value around 54 lacs. The amount is being finance by bank to extent of 70% and rest is paid by Downpayment of 30%.
Just wanted to understand when I deduct TDS how to arrive at the value on which TDS is to be deducted and how to pay 1% less since bank directly transfers amount to builder. Also please help understand GST and it’s implication while arriving at the value of property. Please guide them will deduct tax accordingly. Thanks, TS
01 November 2022
Deduct Rs 54000 as TDS. Ask the bankers to retain 1% towards TDS and pay it to you.
Deduct TDS including GST.
Deduct TDS including GST.
02 November 2022
When I check on Internet it says TDS is to be deducted at value excluding GST.Also if bank is making payment will they agree to pay 1% less and if they don’t agree how to adjust after entire amount is paid by bank builder. I mean how to ensure that TDS is paid simultaneously after 1% retainership
02 November 2022
Yes, bankers will agree for 1% retention and pay it to you for TDS payment.
You can exclude GST for TDS.
TDS can be paid after one or two days of loan payment.
You can exclude GST for TDS.
TDS can be paid after one or two days of loan 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
- GST ITC REVERSE
- Fixe term employment
- Is any professional CA is here please reply
- EXPORT BILL UNDER LUT FREIGHT CHARGE INCLUED IN INVOICE IT LIABLE TO TAX
- Gift Received from nonblood relative
- Section 50-fixed asset-->building ceases to exist
- RCM ISSUE ON RENT AND TRANSPORTATION CHARGES
- Foreign lottery ticket bought online from India: legality, tax and consequences
- Putting a heading on received mail
- Tax Audit u/s 44AB for Transport Business A proprietorship is engaged in transportation business and
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- STATUTORY AUDIT OF A SMALL PRIVATE COMPANY INCORPORATED ON 28.03.2025
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
- Resigning a auditor from the company for misconduct
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
