I HAVE PURCHASED HOUSE ON EMI , TOTAL AMOUNTING RS 70 LAKHS, SO IN 60 EMI IS IT COMPULSORY TO DEDUCT TDS ON EVERY EMI or i could pay TDS once in beginning or even once in beginning in every year or is it full mandatory to deduct with each EMI
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Purchased house on emi
Replies (2)
Dear Mahesh,
As per the intent of Sec 194-IA it is clearly Visible that Govt want to track down every BIG purchses over Rs. 50 Lakhs or more. So therefore they want to make sure that transferee deduct the TDS on that amount irrespective of the status of Transferee.
In your question your property is Rs. 70 Lakhs and you are making payment in EMIs which does not change the nature of Txn. So the answer is You have to deduct TDS @ 1% u/s 194-IA on payment of every EMI.
Thanks.
As per the intent of Sec 194-IA it is clearly Visible that Govt want to track down every BIG purchses over Rs. 50 Lakhs or more. So therefore they want to make sure that transferee deduct the TDS on that amount irrespective of the status of Transferee.
In your question your property is Rs. 70 Lakhs and you are making payment in EMIs which does not change the nature of Txn. So the answer is You have to deduct TDS @ 1% u/s 194-IA on payment of every EMI.
Thanks.
As per section 194-IA TDS has to be deducted at the time of making of payment to the seller, accordingly is your case tds needs to be deducted for every emi
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