Tds on property
This query is : Resolved
12 August 2016
Respectable Experts
If we deducted 1% TDS on purchase of Property, then it is compulsory to mention about 1% TDS in Registry
Thank you
If we deducted 1% TDS on purchase of Property, then it is compulsory to mention about 1% TDS in Registry
Thank you
12 August 2016
which REGISTRY?....i dont get your point,please can you elaborate?
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12 August 2016
We going to buy a property of Rs. 80,00,000/- Registry means documents of purchase (Sale/purchase deed) in which we show the information of settlement of consideration. that will be given by us 7920,000/- to Seller.
12 August 2016
Oh. I see......
To the best of my knowledge, the consideration of 80,00,000 is to be mentioned in the said DEED (Agreement or Sale or Conveyance, as the case may be)
If you are keen in mentioning the TDS in the said DEED, what you can do is show it under schedule of payment....
Considerration is 80L.....TDS is a mode of payment, the responsibility of doing so is cast on to the head of purchaser by Income Tax Act.
To the best of my knowledge, the consideration of 80,00,000 is to be mentioned in the said DEED (Agreement or Sale or Conveyance, as the case may be)
If you are keen in mentioning the TDS in the said DEED, what you can do is show it under schedule of payment....
Considerration is 80L.....TDS is a mode of payment, the responsibility of doing so is cast on to the head of purchaser by Income Tax Act.
12 August 2016
we are paying 7920000/- and we want to show that rs. 80000/- has deducted for TDS.
12 August 2016
that is what I am trying to tell you.....
ok, tell me which side you are representing? Purchaser or Seller?
ok, tell me which side you are representing? Purchaser or Seller?
12 August 2016
we are purchaser and paying 7920000/- by cheque. and deducting rs. 80000/- for TDS. in full settlement of rs. 80 lac.
want to show about this information in Registry
want to show about this information in Registry
12 August 2016
The document to be registered by your Purchaser could be Deed of Agreement, or Deed of Conveyance etc.
I am sure you are aware that Every DEED has certain ingredients viz. purchaser, seller, preamble, terms and conditions of DEED, signature of both the parties, witness etc.
In the terms and conditions of DEED......few important ingredients are
Consideration clause.........(Here write 80 lakh...since consideration is 80 lakh)
Schedule of property......... (Here write the particulars of the property to be purchased)
Schedule of payment..... (Here write the details about the payment + TDS of Rs.80,000)...the total will be 80 Lakh
Is it ok? or Please let me know if you need any further clarification.
I am sure you are aware that Every DEED has certain ingredients viz. purchaser, seller, preamble, terms and conditions of DEED, signature of both the parties, witness etc.
In the terms and conditions of DEED......few important ingredients are
Consideration clause.........(Here write 80 lakh...since consideration is 80 lakh)
Schedule of property......... (Here write the particulars of the property to be purchased)
Schedule of payment..... (Here write the details about the payment + TDS of Rs.80,000)...the total will be 80 Lakh
Is it ok? or Please let me know if you need any further clarification.
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