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Tds on under construction property

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(Querist)
15 October 2014 sir i have booked a flat for rs. 60 lakh from a company which is under construction should i need to deduct the tds on such transaction and pay amount to the company after deducting tds if yes at what rate on how many amount and what is the penalty in case of late payment pls clear thanks
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CA R SEETHARAMAN

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CA R SEETHARAMAN (Expert)
15 October 2014 section 194IA which states that TDS on transactions of immovable property is to be deducted @ 1% where the consideration exceeds Rs. 50 Lakhs. This Section 194IA would be applicable wef 1st June 2013.
As and when you make payment deduct 1% for late deduction interest payable is 1% per month and for late payment after TDS interest is 1.5%.
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