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Tds on buying house above 50 lacs
Yes. TDS is required to be deducted if cost more than 50 lac. Borrow money ir paying from own pocket is not relevant here.
See,this is TDS, Tax Deduction at Source,so it is to be deducted from the amount what you pay to the Builder. Suppose you pay Rs. 75 lacs you need to deducte Rs. 75000 ( @ 1% of Rs. 75 lacs) from the Rs. 75 lacs and remaining amount ie Rs .7425000 is to pay to the builder.You are not required to pay amount of TAx over and above Rs.75 lac.
Hope this will clear
I would like to know one more thing regarding this, if the payment will be made in different parts then tds will be also paid partly or they can pay full tds at the end of last payment?
Yes, you have to deduct TDS on every part payable.
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