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Tds on sale of property

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This query is : Resolved

CA JAYESH RELKAR (Querist)

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)

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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