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1% tds on sale of property

TDS 621 views 7 replies

I have a query regarding 1% TDS Rule on Sale of Property:

I am selling immovable residential property in Mumbai whoose Market valus is above 50 Lakhs

Suppose if the sale amount is received in part payment as follows

5% earnest money on 19 March 2016, 20 percent on 01 April 2016 at agreement to sale , 70 percent at Sale deed on 08 May 2016 , 5% on Possesion on 09 July 2016

Then should the tds be deposited on receiving the final payment at possession or at every payment from earnest money to final payment.

If the payment is made on 19 march then whats the maximum time to deposit the tds

 

 

 

 

Replies (7)

TDS Should be deposited as receiving amount.

Thanks for the valuable reply.

Further suppose if i receive payment on 19 March then before what date do the 1% TDS  for the amount received has to paid by buyer.

 

7 April 

Thanks for reply.

That means if the payment is received on 01 April then the TDs has to be deposited by 7 May.

 

Yes Correct.

I got it Sir. Thanks for your valuable Guidance.

 

Originally posted by : Amit
I got it Sir. Thanks for your valuable Guidance.

 

Thats my pleasure.

even thank you too.


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