TDS on Property
This query is : Resolved
14 February 2020
A Property is to be purchased and an advance towards the same is to be paid to the builder, so how can we deduct TDS @ 1% and pay as while filing 26QB, there needs to be filed date of agreement & agreement value, which is not confirmed as on the date of payment of advance and also upto the date of payment of TDS on such advance.
So can we pay the TDS on property on the whole amount together at the time of agreement registration, as the agreement value & date of agreement will be available only after that for 26QB, thus TDS will be paid on lump sum amount of agreement value & not on installments & the advance paid will be part of total consideration.
Note, there will be a period of around 3 to 4 month from the date of advance payment to till the date of signing the agreement.
please let us know how to go about with TDS on the same?
So can we pay the TDS on property on the whole amount together at the time of agreement registration, as the agreement value & date of agreement will be available only after that for 26QB, thus TDS will be paid on lump sum amount of agreement value & not on installments & the advance paid will be part of total consideration.
Note, there will be a period of around 3 to 4 month from the date of advance payment to till the date of signing the agreement.
please let us know how to go about with TDS on the same?
14 February 2020
you can deduct the whole amount in final or subsequent installment.
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