TDS on purchase of house

This query is : Resolved

Pratibha (Querist)
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10 August 2020 Good Afternoon,
TDS is to be deducted @1% on sale consideration i.e. agreement value of Purchase of House Property from resident seller. My query is that when this TDS to be paid. I have already paid stamp duty and registration amount on 28th Feb 2020 and part payment is already made to the owner i.e. Rs. 1000000 in two tranches in March 2020. My loan of Rs. 5500000 is yet to be disbursed.
My query is that when TDS of Rs. 65000 needs to be paid i.e. will it be paid when Final sale deed will be executed or when loan amount disbursed or can i make TDS now before loan disbursement right now.
Please give your valuable suggestions. Also let me know the process of paying TDS and filing of 26QB and generation of form 16B.

Thanks & regards

CA KARAN SINGH

CA KARAN SINGH (Expert)
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10 August 2020 Deduct TDS on Final Payment and deposit it with the government within 30 days from the end of the month in which deduction is made.
You can file Form 26 QB on www.tin-nsdl.com.
For any help, regarding the filing of Form 26QB & generating Form 16B please write to cakaransingh01@gmail.com

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