Hi,
I have a query on property of property which is in the final stages of construction and possession has not been given by builder yet ( un-registered property). The investor(original allotee) is selling the property and the builder would transfer the allotment letter from his name to the new allotee.. This property is worth more than 50Lakhs. The investor has already paid 1% TDS on the original property value on behalf of the builder. Now he is selling the property at a higher price ( almost 70% more ). Do the buyer/new allotee need to pay 1% TDS on this property for the allotment transfer from the investor to his name? Should the 1% TDS be paid on for the delta/profit of the investor or the full transfer consideration.
CAclubindia
