TDS ON section 194IA

This query is : Resolved

ketan (Querist)
Follow

25 January 2022 i purchase new Flat of 1.75 Lakh. By Bank 40 lakh payment to seller on 10th Nov & 20 lakh payment on 14th january.

Now any interest is applicable on 10Th Nov payment Rs.40 Lakh ? it is under the limit

please guide

Read more at: https://www.caclubindia.com/experts/

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
Follow

25 January 2022 Interest over late payment of TDS would be charges.

ketan

ketan (Querist)
Follow

25 January 2022 Nov payment Rs.40 lakh. but TDS applicable above 50 Lakh than my liability stand on january ?

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
Follow

25 January 2022 It is not the threshold limit for TDS deduction, but for the value of the property over which TDS deduction is applicable.

ketan

ketan (Querist)
Follow

25 January 2022 ok, If property value is over 50 Lakh than any amount paid /credited to seller than deduct TDS & deposit

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
Follow

25 January 2022 Yes, including any advance paid...

Message likes : 1 times

ketan

ketan (Querist)
Follow

25 January 2022 Sir , Payment Dt.25 November in this case 1% interest calculate on 40 Lakh. Deposit Dt 31 Dec. if not paid than interest charge for 1 month or 2 month ? if paid in jan-2022

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
Follow

25 January 2022 2 Months.