Tds on payment for property purchase

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Dilip (Querist)
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23 September 2015 A flat has been purchased for about Rs. 1 cr. The final payment and registration of the property was done in Feb-2015. No TDS had been deducted while making payments to the builder.

What are the implications of this and what are the possible options now?

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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23 September 2015 Get back the TDS amount from the builder and remit the TDS with 1% interest per month.

Message likes : 1 times

Dilip

Dilip (Querist)
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23 September 2015 Thank you Mr. Seetharaman.

Two follow up questions.

The 1% interest is from the date of registration or from the time each of the payments were made? Most of the payments were made earlier based on the construction milestones.

What if the builder is not amenable to returning any amount in lieu of the TDS payment?

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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23 September 2015 Interest is payable on each of the payments.
He is going to get TDS credit on your remittance so convince him.

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