Tds on under constrcution property.
This query is : Resolved
17 September 2017
Dear Sir / Madam,
I am well aware of the TDS application from 1st June'2013 over cost of more than 50lakhs.
I also been paying 1% TDS on each installment on each construction progress. The clarification I request is that whether the TDS amount should be 1% of the installment amount? for e.g. if the installment is 2,00,000 then the 1% TDS is 2000/-, which is paid online using the 26QB form. The challan thus received is then forwarded to the builder for his reference.
Kindly advise If the above is correct procedure and if no please guide. Thanks.
Regards.
I am well aware of the TDS application from 1st June'2013 over cost of more than 50lakhs.
I also been paying 1% TDS on each installment on each construction progress. The clarification I request is that whether the TDS amount should be 1% of the installment amount? for e.g. if the installment is 2,00,000 then the 1% TDS is 2000/-, which is paid online using the 26QB form. The challan thus received is then forwarded to the builder for his reference.
Kindly advise If the above is correct procedure and if no please guide. Thanks.
Regards.
17 September 2017
The above is the right procedure.
Message likes :
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19 September 2017
Thank you Sir. Good day.
19 September 2017
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