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TDS for purchase of property under 194IA
Property (Flat) Purchase in a ReRa project on June and date of sale of aggreement is June and only part payment is paid till the date and the total consideration is 60lakh but till date April 2024 no TDS deducted by buyer so on which amount TDS is deducted i.e on Payment made till date i.e on no. of instalment paid or on full value of Aggreement.. please guide
Replies (5)
As per my understanding of 194 IA credit in books or payment made which ever Is earlier so better check if books are made or not otherwise go with part payment.
Both options are available. but you are now late for paying tds on lump sum basis i.e full value of agreement. So pay now on installment basis.
Can wo show the amount made till date in installments as 1st installment
Can be done. But then you will have to keep the date in march 2024 to avoid latefees / interest.
Sale for aggreement is June 2023 so we deducted TDS on March 2024 and show it as a 1st installment..
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