I HAVE ENTERED INTO A DEVELOPER AGREEMENT WITH THE PROPERTY OWNER. NO OF OWNERS OF THE SAID PROPERTY ARE FOUR EACH ENTITLED TO RS. 25 LAKH AND ONE FLAT.
NOW THE QUESTION IS -
1. DO I NEED TO DEDUCT TDS ON THE SAME. IF YES ON WHAT AMOUNT (ON CASH CONTRIBUTION ONLY OR INCLUDING THE VALUE OF FLAT). WHETHER SEC 194IA STIPULATES ONE PROPERTY OR ONE RECEIPIENT.
2. FURTHER ADVANCE PAYMENT OF RS. 20 LAKH HAS ALREADY BEEN MADE IN FY 2015-16, BUT AGREEMENT WAS ENTERED IN THE MONTH OF APRIL 2016. SO WHEN DOES THE LIABILITY TO DEDUCT TDS ARISES, (ON THE DATE OF PAYMENT OR ON THE DATE DATE OF EXECUTION OF THE AGREEMENT AND POSSESSION RECEIVED).
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