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TDS ON IMMOVABLE PROPERTY
My client po purchased property with Rs.62 lakhs .and paid the amount without deducting TDS .on may 15 th 2019. shall he liable to deduct TDS. but the seller refused to accept to give the amount towards tax payment.when he will file 26 Q .
Replies (3)
Yes he is required to file form 26QB within 30 days from EOM in which transaction took place and deduct 1% of sale consideration
yes buyer is required to deduct tds @ 1% of consideration paid bcoz amt of sales consideration exceeds 50 lakh.
Also if buyer is not deduct tds and not paid , then he may become assessee in default u/s 201 accordingly liable to pay interest & penalty.
so buyer should file 26QB and pay tds with late payment of tds
Also if buyer is not deduct tds and not paid , then he may become assessee in default u/s 201 accordingly liable to pay interest & penalty.
so buyer should file 26QB and pay tds with late payment of tds
interest is also required to pay @ 1% for 5 months on INR 62,000 if paid in this month
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