Tds on Property purchase transaction
This query is : Resolved
vijay sakpal
(Querist)
06 June 2017
we have purchased property cost exceeding 50Lac
while payment we have deducted and paid 1% tds.
Now we have to pay some amount to seller as development deposit, Club membership and Legal documentation fees with service tax there on.
which is around 25 lac
do I need do deduct tds from the same?????
please guide me.
KAVIRAJA ADDANGADI
(Expert)
06 June 2017
Tds to be The buyer has to deduct TDS at 1% of the total sale consideration. Note that the buyer is required to deduct TDS, not the seller.
If additional amenities are included is considerations than on same tds to be deducted.
If additional amenities are included is considerations than on same tds to be deducted.
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