Question is related to 1% TDS Rule on Sale of Property.
In this regard, please let us know how much TDS is required to be
deducted for a property purchased as below?
Flat more than 50 lacs booked on 1/3/2013 & allotment done after
payment of 10% advance on 8/3/2013 and 85% paid on 15/4/2013.
Rest 5% paid on 30/6/2013.
If no TDS has been deducted for above flat purchased from builder what
are the implications?
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Tds on flat purchased from builder
Replies (3)
in case no tds was deducted then three diff penalties are attracted-
1. intt @ 1% for non deduction of tds
2. intt @ 1.5% for late payment of tds
3. late fee @ 200/day (max upto tds amt)
1. intt @ 1% for non deduction of tds
2. intt @ 1.5% for late payment of tds
3. late fee @ 200/day (max upto tds amt)
Section 194 IA is applicable wef 1/6/13. Therefore, no tds liability on payments made before this date even if purchase consideration exceeds rs. 50 lakhs. However, 1% tds on instalment paid after this date.
Section 194 IA is applicable wef 1/6/13. Therefore, no tds liability on payments made before this date even if purchase consideration exceeds rs. 50 lakhs. However, 1% tds on instalment paid after this date.
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