When to pay TDs of builder

This query is : Resolved

srinivas (Querist)
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15 December 2021 my wife with myself and daughetr major have booked a flat and paid 10% of agreed value at the time of booking . agreemnt to sell has not been done yet. pl let us know when do we have to pay GSt TDS and % of the same and how to pay the same .
also if we are not showing any % share in the property can i and my wife can make payment of interest and principal as per our convenience and claim benefit of the same in our It returns .
i am in new tax scheme can i change it to old scheme whiel filing it returns in case agreement go through before march 22 and emi on housing loan starts thanks in advance

thanks for the reply from expert . regarding income tax TDS pl advice % of Tds payable and can it be paid in one lot or only against each payment paid to builder.

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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15 December 2021 1. GST will be collected by builder himself. You need to deduct TDS from each installment of payments made including advance.
2. Unless specified in agreement all the owners will be treated as joint owners in property, as such eligible for housing loan deductions, provided all are joint home loan borrower.
3. Yes, you can change to old regime from next AY, provided you do not have any business income. (otherwise also you can change but for last time)
4. Deduction from home loan can be availed only after getting possession of the flat.

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