Tds on sale of immovable property (sec 194ia) Simplified

Hi,

Suppose I am buying property less than 50 lac (mention is registry)  but guidance value is more than 50 lacs.

is TDS is applicable ?

Manish

Dear All,

Hi, i am working one small scal industries ( Firm company), my quirry is our firm purchased the property of Rs.95 Lacs same paid as advance of Rs. 10 Lacs for April' 15 month without TDS deduction after that we have taken loan from bank and bank had prepaid in the name of Seller for June'15  month and chq amt of Rs.70 Lacs, and this month ( July,15) , the bank had prepaid one more chq in the name of seller of Rs.15 Lacs without TDS. so my quirries is those payment TDS still we have not paid.and same any interst will be paid on this,and how much intrerst it will be intrest.

Raju G

I bought a property worth about 50 lacs last September 2014, Now when paying the TDS, I accidentally selected Assessment year as 2014-2015 instead of 2015-2016, Now what should I do ?

My builder is asking me to file revised tax returns for AY 2014-2015 but I'm not sure how and where to fill this info. Can someone please help ?

I good video that explains how to deduct 1% TDS on proprty sale

https://www.youtube.com/watch?v=6YHraLdkvsc

IF WE HAVE RECEIVED THE PAYMENT OF FLAT PARTIALLY IN FY 2014-15 ON WHICH TDS HAS BEEN DEDUCTED AND BALANCE PAYMENT IN FY2015-16 AND CAPITAL GAIN BOOKED. IN THIS CASE CAN WE TAKE THE BENEFIT OF TDS DEDUCTED IN FY 2014-15

Dear All,

Please suggest if two saller( partners ) and two buyers(Husband wife) and property value 1.5 Crs what will be TDS payment

1- is that will be saperately  for 26QB  

2- Or jointly 

Regards

CHARAN

Hi Experts,

I have purchased a apartment in a new residential complex. we are requested to pay Maintenance Charges for 1 Year in advance at the time of taking handover of the apartment.

My question is am I supposed to deduct TDS on this component ?

Similarly we are supposed to pay a Maintenance Deposit in favor of the Association at the time of handover. Is TDS to be deducted on this component ?
 

Hi

I bought a property for a consideration of 69,00,000/- (sixty nine lakhs) in Dec 2013. I paid the whole amount to the seller without deducting the TDS of 1% (i.e. 69,000/-). It has been more than 2 years now. Today, I have contacted the seller regarding the same, he said he shall check and get back to me.

Now I am aware there is a huge penalty for delay in payment of TDS. But does the penalty still apply if the TDS has not been deducted as in my case? (As the penalty applies only if the tax hasn't been paid even after deduction) If yes, is there a different penalty for this or is it same at regular rate of 200 per day + 1.5% per month?

And in case the seller refuses to pay me the 69,000/- TDS, what can be a possible course of action for me?
- Do I pay the TDS money and the penalty myself?
- Is the seller liable to pay the TDS only, or TDS and penalty as well?
- Am I supposed to take a legal recourse?

Kindly suggest a solution. Thanks a lot.

Dear Nitesh

I am buying an under consturction property for 73 lakhs. The amount is split as Construction agreement and Sale Agreement. The construction agreement cost is 52 Lakhs. The Sale agreement cost is 21 Lakhs. So sale deed will be for 21 Lakhs only (and that is the guideline value of the UDS sold). 

Will TDS payment requirement be applicable based on Construction Agreement?

If it is only on Sale deed, then my sale deed amount is only 21 Lakhs - it is less than 50 lakhs. So am I exempt from TDS on pruchase of property.?