Tds on purchase of property.
This query is : Resolved
08 April 2016
sir,
I was a tenant in one property and i had surrendered my tenancy rights against new block which i got on ownership basis,
market value of my new block is seventy seven lakhs, but as i have supported redevelopment by surrendering my tenancy rights, i had to pay thirty one lakhs for reconstructed block.
am i suppose to deduct tds of seller even if i have paid thirty one lakhs, as consideration of block.
pls reply
Regards
Girish shah
email :- gsshah21@yahoo.com
I was a tenant in one property and i had surrendered my tenancy rights against new block which i got on ownership basis,
market value of my new block is seventy seven lakhs, but as i have supported redevelopment by surrendering my tenancy rights, i had to pay thirty one lakhs for reconstructed block.
am i suppose to deduct tds of seller even if i have paid thirty one lakhs, as consideration of block.
pls reply
Regards
Girish shah
email :- gsshah21@yahoo.com
08 April 2016
What is sale consideration, if sale consideration is above 50 lakhs than you have to deduct TDS, How much you Pay is immaterial.
09 April 2016
sir what is the meaning of sale consideration
i HAVE PAID STAMP DUTY AS PER MARKET VALUE OF RS. 77 LAKHS.
I HAVE PAID VAT @ 1% ON RS. 77 LAKHS.
I HAVE PAID SERVICE TAX ON RS 31 LAKHS.
AM I SUPPOSE TO COLLECT TCS ON BEHALF OF SELLER, IF YES @ WHAT % SHOULD I COLLECT IT & ON WHICH AMOUNT 77 lAKHS OR 31 LAKHS
( pLS. NOTE THAT I GOT NEWLY CONSTRUCTED FLAT AT LOWER RATE BECAUSE OF SURRENDERING MY TENANCY RIGHTS.
PLS. REPLY
REGARDS
i HAVE PAID STAMP DUTY AS PER MARKET VALUE OF RS. 77 LAKHS.
I HAVE PAID VAT @ 1% ON RS. 77 LAKHS.
I HAVE PAID SERVICE TAX ON RS 31 LAKHS.
AM I SUPPOSE TO COLLECT TCS ON BEHALF OF SELLER, IF YES @ WHAT % SHOULD I COLLECT IT & ON WHICH AMOUNT 77 lAKHS OR 31 LAKHS
( pLS. NOTE THAT I GOT NEWLY CONSTRUCTED FLAT AT LOWER RATE BECAUSE OF SURRENDERING MY TENANCY RIGHTS.
PLS. REPLY
REGARDS
10 April 2016
You have to deduct Tds on Rs.77 lakhs @1% Rs.77000/-
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