Tds on sale of property

This query is : Resolved

CA JAYESH RELKAR (Querist)
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05 May 2018 Facts of case :
1) Consideration Rs. 78 lakhs
2) Agreement for sale of property is yet to be made (probably made on 12/05/2018)
3) Advance payment of Rs. 3,00,000 made on 07/02/2018
4) Next Rs. 30 lakhs will be paid on 07/05/2018 (i.e. yet to be paid) and balance Rs.45 lakhs will be paid on future date.

Query :
1) Can I make payment of TDS in one stroke i.e. Rs.78,000, though I make payment of consideration in instalment...? If yes, what will be the "date of agreement and date of payment"??

KAVIRAJA ADDANGADI

KAVIRAJA ADDANGADI (Expert)
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07 May 2018 If you mention 26QB amount paid as installments than you think have to deduct TDS installment wise, you are liable to deduct 1% each instalments same to be paid to government 7th of Subsequent month otherwise you will liable for interest. From month of deduction@ 1.5% till you pay TDS on instalment.

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