Tds on purchase of property

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CA Abhishek Singh (Querist)
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31 August 2013 Hello everyone,

one my has booked a flat in bldg for Rs.55 lacs. He paid Rs.10 lacs in the month of february 2013 and will paying Rs.10 lacs in the first week of september 2013.

My question :

My client should deduct TDS on Rs.20 lacs or only rs.10 lacs ?

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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31 August 2013 actually tds will be deducted on gross sale considertaion of rs 55 lacs even if agreement is made before 1.6.2013.

CA Abhishek Singh

CA Abhishek Singh (Querist)
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01 September 2013 but my clent has already paid rs.10 lacs in feb 2013 and balance he will be paying in installments.

He should pay TDS on entire sale consideration at one time or in installments at the time of various installments ?

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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02 September 2013 tds will be paid at once only not in installments as per tds provisions.

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CA Abhishek Singh

CA Abhishek Singh (Querist)
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02 September 2013 thank u very much.

agreement was done in the month of feb 2013 for total consideration of rs.55 lacs.

what was the due date for payment of TDS and if suppose my client intends to pay TDS on 15/09/2013 then what will be the interest.

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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02 September 2013 since this provision is applicable after 1.6.2013 so when the agreement is registered at that time whichever is the earliest due date for tds payment that shall be the due date in such case.

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