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This query is : Resolved

Subrich Rash (Querist)

03 February 2016 Dear sir

we have purchased a new flat costing Rs. 55 lacs.
After doing advance payment & all, our agreement cost arrived at Rs. 51,38,300/-.
As per the understood rule TDS is deductible as 1% on agreement cost (i.e. 1% on Rs. 51,38,300/- which arrives Rs. 51,383/-).

Agreement date is 22nd September 2015 but till date we haven’t paid the 1% TDS cost as our possession is still pending.

Requesting you to please advise & guide us what can be done.

Note: If we pay TDS on current date then does we liable for the penalty & (if yes) then what would be the penalty amount.

Ganeshbabu K

Ganeshbabu K (Expert)

03 February 2016 Tax @ 1% should be deducted by the purchaser of the property at the time of making payment of sale consideration.

Incase of delay in remittance of TDS in Form 26QB you are liable to interest u/s 201 and late fee u/s 234E of the Act.

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