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TDS DEDUCTION ON PURCHASE OF FLAT REG
My uncle has signed two agreements for a residential flat for his personal use one is for sale of land for Rs.40/Lakh and that other is for construction of a flat by the same promoter for Rs.1 Crore 10 Lakh Total cost of the flat Rs.1.50/ Crore.My uncle has paid Rs.40/Lakh as for booking during January 2022.He has to pay the balance in April 2022.I want to know under which section the TDS is to be deducted, whether it is Section 194 M @ 5% being Rs.5.50 Lakh or Under section 194IA @ 1% being Rs.110000/.No TDS on booking advance RS.40/Lakh since it is below Rs.50/Lakhs.So please advise me.
Replies (2)
When payment in relation to immovable property exceeds ₹ 50 lakh 1% tds is required to be deducted
1% of 1.1 crore in you case
1% of 1.1 crore in you case
Obtain the tds certificate and file itr.
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