HOUSE PURCHASE

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ipcc
87 Points Posted on 14 July 2023
IF HOUSE PURCHASE FROM BUILDER AND WE DEDUCTED TDS @ 1%
HOUSE VALUE =3750000
TDS=37500
HOW PASS JOURNAL ENTRY IN OUR BOOKS OF ACCOUNTS
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On 14 July 2023 at 22:57 Report
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Quick Summary
This discussion clarifies the accounting treatment for purchasing a house from a builder when Tax Deducted at Source (TDS) is applied. It provides a specific journal entry to record the transaction, including the house value, TDS payable, and the net amount paid to the builder. The advice also notes that TDS is generally not required for house purchases under £50 lakhs.

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SEO Sai Gr. Hosp.
212511 Points Posted on 15 July 2023

No TDS is required to be deducted when house purchased value is below Rs. 50 lakhs.

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On 15 July 2023 at 11:36
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ACCOUNTS MANAGER
2213 Points Posted on 19 July 2023

Agree with Shri Dhirajlal Rambhia Sir, but still if you deduct tds & paid then you should entered ..... following entry

House ( FA )        -         3750000

To Tds Payable ( Prov.) -                        37500

To Builder A/c ( Crs. ) -                        3712500

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On 19 July 2023 at 16:31

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