August 2012: Apartment booked with builder on Construction Linked Payment Plan.
Consideration Amount of Property on Agreement = 49.42 Lacs.
Total Cost of Apartment = 51.39 Lacs (includes Maintenance Advance / Club Charges)
TDS not paid on any installment till date as consideration value was less than 50 lacs.
Sales Tax is as applicable over and above 51.39 Lacs.
GST not included in above amount as it was not applicable in the Year 2012
February 2020: Possession of Apartment offered by Builder.
Builder sends final invoice with increased Super floor Area thus increased Basic Sale Price Amount.
New Consideration Amount = 52.55 Lacs
GST / Sales Tax is and over and above 52.55 Lacs, which is 2.55 Lacs
Total Cost of Apartment = 56.71 Lacs (includes Maintenance Advance / Club Charges)
Amount Paid till Date = 45.76 Lacs
Net Payable in Final Invoice of February 2020 = 56.71 – 45.76 = 10.94 Lacs
- Query: As TDS was not paid earlier since Consideration Amount was less than 50 Lacs.
- Now is TDS to be paid on New Consideration Amount of 52.55 Lacs OR only on amount mentioned in Final Invoice of 10.94 Lacs
- In case TDS is to be paid for full Consideration Amount of 52.55 Lacs, is any late penalty / Interest applicable on the amount paid earlier to builder through Construction Linked Invoices.
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