Hello, I purchased a property in Jan 2011 value 55Lacs. I have paid 35Lacs before 1st June 2013 and the rest 20L thereafter till now. Since the sales agreement was made prior to June 2013, is this 1% TDS rule applicable in my case?? If yes, do I have to pay TDS on 25Lacs paid after 1st June 2013 or the entire amount since Jan 2011 i.e. on 55Lacs?? Please explan, I have read many articles here but still confused, some say its applicable and some say not applicable.
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Help regards 1% property tds
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Whether the TDS applies or not depends solely on date of payment and not on Sale agreements. TDS is applicable only on amount due/payable on or after June 01, 2013 but not on the amount already paid before June 01, 2013. So in your case I would think 20L is applicable for TDS.
i got confused as some said that for under construction property i dont have to pay
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