Tds on purchase of property
This query is : Resolved
sanjeev kapur
(Querist)
23 June 2013
I am an NRI living abroad and purcahsing a property in India where 20% i am paying to developers now and balance75% is being released by bank within 45 days and final 5% will be released by bank at time of possession,2 yrs down the line. Can i deposit TDS on entire property value in one shot NOW. Would it be acceptable to Indian tax authorities or do I have to NECESSARILY deposit with each payment ?
Please give your expert advise on this issue.
Thanks.
Please give your expert advise on this issue.
Thanks.
CA. Anuj Gupta
(Expert)
24 June 2013
As per your query , you intend to deposit TDS for 95% of payment in the financial year 2013-14 and for for 5% , 2 years later.
The law is not clear on this aspect, so it shall be better to deduct and pay TDS for whole 100% in the financial year 2013-14.
Anuj
femaquery@gmail.com
The law is not clear on this aspect, so it shall be better to deduct and pay TDS for whole 100% in the financial year 2013-14.
Anuj
femaquery@gmail.com
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