Dear Sir,
I have purchased one flat @ 80 Lacs which in under construction. I have made agreement on 20th March 2012. I have paid Rs 50 Lacs before 1st June 2013. Now balance 30 Lacs I have to paid in installment after 1st June 2013.
Should I need to Deducted TDS from Builder ?
On which amount I need to deducted the TDS (whole amount 80 Lacs or balance amount 30 Lacs) ?
Regards
Devendra Mehta
Yes, TDS will aplicable on transactions effected after 1st june'13. so you need to deduct tax @ 1% on the payments due on or after 1st June'13. i.e on 30 lacs
I think u shud deduct on 30 lacs..
I think you should not deduct any TDS, since the date of agreement is 30th march 2012. I think TDS is effective after 1st June 2013 with respect to the date of agreement and not date of payment. If the agreement is dated after 1st June 2013, then TDS will be applicable. I may be wrong.
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