Tds on immovable propety purchase before 01.04.2013

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

14 February 2014 Dear Sir,

one of my client purchase under construction house on Nov 2012 & SALE AGREEMENT is done on same day with down payment & starts paying slab wise.

so whether slab wise payments after 01.06.2013 attracts 1% TDS under Section 194IA.

give me suggestion or way out for the same

thank you.

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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14 February 2014 all payments made after 1.6.2013 shall attract tds u/s 194IA

Querist : Anonymous

Querist : Anonymous (Querist)

14 February 2014 sir but sales agreement made before 01.06.2013

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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14 February 2014 but the payment is done after 1.6.2013 so u are covered by the ammendment.

Querist : Anonymous

Querist : Anonymous (Querist)

14 February 2014 actually payment starts from nov 12 onwards

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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14 February 2014 ya then for those payments no tds but all the payments made after 1.6.2013 shall attract tds.

Querist : Anonymous

Querist : Anonymous (Querist)

14 February 2014 thank you sir one last thing.client yet not deduct TDS.can he take any certificate from builder for safer side that builder that considered such income & pay tax on it at time of assessment .is this possible?

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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14 February 2014 no..not required ...but while making payment ur client must deduct tds and issue him certificate of tds in form 26B.

Querist : Anonymous

Querist : Anonymous (Querist)

14 February 2014 client is not yet deducted thats the problem.
what should client have to do now?

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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14 February 2014 then he needs to pay int on non deduction and non payment from the date of making payment (due date of deduction) to date of making payment to central govt.

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