Tds on property

This query is : Resolved

Rateesh (Querist)
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28 June 2016 Dear All,
My Client is booked a flat of Rs. 2,45,00,000/- on January 2011. As per the condition of TDS on property 1% is started w.e.f 1st June 2013 the flat is under contraction. In these flat 50 lacs Bank loan also sanction and bank will pay the slab wise payment to builder after there demand.
My Query -
1. It is right to deduct the TDS i.e. 1% whenever bank make payment to the builder?
2. How much total TDS will deduct it should be calculate on total Agreement amount?
3. On April 2015 & July 2015 Bank paid the amount to the builder but my client not deduct the TDS. If will paid the TDS now only late payment interest is charge or there is any penalties also.

Thanks & Regards
Rateesh

Rupesh Jain

Rupesh Jain (Expert)
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28 June 2016 you have to deduct the tds on the payment make after this section introduce. you have to pay the intt 1.5%per month from date of deduction to date of deposit. tds will deduct by you its your liability due to property buyer will be responsible. for that.

Rateesh

Rateesh (Querist)
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29 June 2016 Dear Rupesh
you are not understand my Question i am asking you how much TDS will deduct . 1% TDS calculate on Agreement value but the agreement is done on January 2011.

Thanks & Regards
Rateesh

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