Tds on sale of property
This query is : Resolved
31 May 2014
Sir,
I have to pay advance against property of Rs. 20,00,000/- toward sale consideration of Rs.1,00,00,000/- sale deed to be executed after 6 months, please suggest me whether should I pay TDS @ 1% on this advance amount or should I pay at the time of sale consideration fully paid.
I have to pay advance against property of Rs. 20,00,000/- toward sale consideration of Rs.1,00,00,000/- sale deed to be executed after 6 months, please suggest me whether should I pay TDS @ 1% on this advance amount or should I pay at the time of sale consideration fully paid.
01 June 2014
TDS on sale of Immovable Property should be deducted from payment on transfer of immovable properties (other than agricultural land) where the consideration paid or payable is more than Rs 50,00,000/-.
As a rule of income tax,TDS is required to be made payment or the credit whichever is earlier.
So tax shall be deducted at the time of payment or at the time of giving credit to the party, whichever is earlier. If advance payment is being made then TDS would be required to be deducted at the time of advance payment itself.
As a rule of income tax,TDS is required to be made payment or the credit whichever is earlier.
So tax shall be deducted at the time of payment or at the time of giving credit to the party, whichever is earlier. If advance payment is being made then TDS would be required to be deducted at the time of advance payment itself.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- INTEREST APPLICABLE ON ITC REVERSAL PORTION
- Opting our of sec 44AD
- Regarding TDS Applicability For Director Remuneration
- Copyright software
- LC charges in relation to Asset purchased should be Capitalised ?
- Multiple trade mark
- Regarding appeal to GSTAT
- SALE OF MOTOR CAR BY REGISTERED INDIVIDUAL
- Transporter Declaration form
- Value of property in capital gain
- GST Treatment of Insurance Commission for Existing GST Holder
- Cash gift by grand mother to her grand daughter
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
- Regarding change in correspondence address in SSP portal
- No Compliences after incorporation
- USEFUL LIFE OF USED/SECOND HAND COMMERCIAL VEHICLES
- Claiming TDS deducted by builder on Hardship compensation and Corpus
- Address Change to another state of a Registered Trust with 12AB approval
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
