Any response to my query......

Hi,

If the Date of Booking/Agreement for sale is prior to June 1st 2013 but the payment/part-payment is made after June 1st 2013, should one still deduct the TDS from the total sale consideration.

Mr. X finalized a property worth 75 lakhs.He booked/signed the agreement of sale in Dec'12 and paid 10lakhs. He paid another instalment of 45 lakhs in Mar'13. He has to make the final payment of 20 lakhs say on 15th June.

My question is:

a) While making a final payment of 20lakhs in June'13 is he required to deduct 1% on the total sale consideration i.e., TDS of Rs. 75,000. or

b) TDS of Rs. 20,000 (as only 20 lakhs were paid after the cut-off date). or

c) No TDS should be made as the Booking/Agreement of Sale was signed prior to this notification.

Please advise.

Regards,

Alok Kumar

+ 91 98666 00959

Dear All

Warm Greetings

Kinldy let me know what is the company's stand if they receive cheque  / pay order / DD in favour of “Your self – A/c TDS” in the following cases and if the customer is completely unaware of the E-filling method.

Case: 1 (For Self funding Customers):

Customers who are making payments from their own sources of funds are advised to make payment of 99% of installment amount in favour of “M/s. XYZ” and 1% TDS in the Company pan account or issue another cheque / pay order / DD in favour of “Your self – A/c TDS”.

 Case: 2 (For Bank funding Customers):

Customers who are availed home loans from the Banks are requested to advise your bank disbursement officials to release 99% of installment amount in favour of “M/s. XYZ” and advise to remit 1% TDS in our Company pan account or issue another cheque / pay order / DD in favour of “Your self – A/c TDS”.

Originally posted by : Alok Kumar
	Any response to my query...... Hi, If the Date of Booking/Agreement for sale is prior to June 1st 2013 but the payment/part-payment is made after June 1st 2013, should one still deduct the TDS from the total sale consideration. Mr. X finalized a property worth 75 lakhs.He booked/signed the agreement of sale in Dec'12 and paid 10lakhs. He paid another instalment of 45 lakhs in Mar'13. He has to make the final payment of 20 lakhs say on 15th June. My question is: a) While making a final payment of 20lakhs in June'13 is he required to deduct 1% on the total sale consideration i.e., TDS of Rs. 75,000. or b) TDS of Rs. 20,000 (as only 20 lakhs were paid after the cut-off date). or c) No TDS should be made as the Booking/Agreement of Sale was signed prior to this notification.   Please advise.   Regards, Alok Kumar + 91 98666 00959

Dear Mr. Alok

TDS should be deducted on Rs. 20,00,000 (as only 20 lakhs were paid after the cut-off date).
 

@ Manoj Kumar - Thanks for your reply. could you please provide any precedent or any notification or something else which i can show to my builder.

Many thanks for your response.

Regards - Alok

Thank you so much 

Very useful.