TDS on property purchase part payment

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When purchasing a property exceeding 50 Lakhs, TDS must be deducted on each payment made, including part payments. Even if the full payment isn't completed in the current financial year, you should deduct TDS on the 30 Lakhs already paid. This applies to all subsequent instalments as well.

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(Querist)
05 March 2024 I have purchased a property worth more than 50 Lac in December 2023. A payment of 30 Lac has been made for the same. Remaining payment will be due in next financial year. Should I deduct TDS on 30 Lac payment done in this financial year or wait till full payment is done?
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Manish

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Manish (Expert)
05 March 2024 Deduct tax at source on the payment of 30 lakh and on each subsequent installment.
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Atul R

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Atul R (Querist)
05 March 2024 Thank you very much.
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