IF HOUSE PURCHASE FROM BUILDER AND WE DEDUCTED TDS @ 1%
HOUSE VALUE =3750000
TDS=37500
HOW PASS JOURNAL ENTRY IN OUR BOOKS OF ACCOUNTS
No TDS is required to be deducted when house purchased value is below Rs. 50 lakhs.
nirmal paliwal (ipcc) (78 Points)
14 July 2023
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(160574 Points)
Replied 15 July 2023
No TDS is required to be deducted when house purchased value is below Rs. 50 lakhs.
NARENDRA
(ACCOUNTS MANAGER)
(1498 Points)
Replied 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
CAclubindia
