Tds on property

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CMA Swati Agarwal (Querist)

10 September 2014 One has purchased a propert amounting to Rs. 70 lakhs. As per The Finance Bill 2013, purchaser of an immovable property (other than rural agricultural land) worth Rs 50 lakh or more is required to pay withholding tax at the rate of 1% from the consideration payable to a resident transferor.
In this case kindly answer my below queries:-
1. If the payments are made in parts, when to deduct TDS?
2. Is there any due date prior to which TDS has to be deposited, or it can be deposited anytime, in the same financial year, in which consideration is paid?
3. When to deposit TDS if consideration is paid in 2 different financial years?

Kindly guide

Thanks
Swati

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)

10 September 2014 1.at the time of making part payments.
2.7th of every next month in which tds was deducted
3.that depends on the dates.

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CMA Swati Agarwal

CMA Swati Agarwal (Querist)

10 September 2014 if the tds was not deposited, by 7th, then is there any penalty or interest also???

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)

10 September 2014 yes int @ 1.5% shall be chargeable from due date till date of deposit

CMA Swati Agarwal

CMA Swati Agarwal (Querist)

10 September 2014 if say 10 lakhs is paid in august'14, and 60 lakhs in Sept'14, then due date for TDS on 10lakhs i.e. Rs. 10,000/- to be deposited by 7th sept. TDs defaulted and paid on 10 sept, then interest will be = 10,000*1.5%*2

Am i correct in the calculation??
Kindly help

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)

10 September 2014 yes for 2 months aug n sep u need to pay int, correctly calculated

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