If a buyer booked flat/ apartment (project A} of 60 lakh and partly paid 30 lakh to builder and also deducted 1% TDS on paid amt., and deposited TDS Rs. 30,000.
Now, buyer cancelled the booking of that unit with builder. And booked a fresh flat/ apartment in another project (project B) in group company of same builder. And switching/ adjusting the advance amt of project A to project B.
My question - how the TDS already deducted and paid in Project A will be accounted for project B. OR buyer has to deduct 1% on entire cost of flat in project B ?
TDS deduction on particular property / flat unit based ?
CAclubindia
