Hi, one of my friend is bying House Property which costs Rs. 56.00 lakhs. He paid advance of Rs.40 lakhs on February 2013, now he is paying balance amount of Rs.16.00 lakhs. Now the Question is TDS 1% is applicable on Rs.16.00 lakhs or entire amount ? Now he is ready to register the asset. Please clarify ASAP.
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Tds on immovable property
Replies (4)
Reading of the provision and its strict interpretation makes it is clear that the obligation to deduct tax is triggered at the time of payment. Hence, the payment made prior to the introduction of the provision would not be subject to TDS.
Welcome the views of the others.
If the registration of the property is done now the Registrar may ask to deduct the tax for full amount
Sir,
For the same matter I want to ask i.e.
If the flat registration done prior to 1st June'2013 and regular installments recd. after the
registration, will it affect TDS on payment recd after registration. This is not clarified
in TRACES FAQ also.
Thanks
Manoj Asher
Manoj Asher,
the 2nd & fina payment was made in 2nd week of november'13, on 25th Nov,2013 the property is to be registering. In this case what is the treatment?
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