Tds on payment of property emi

I have purchased property of Rs 60 lakh ( today) i have to make payment of EMI of Rs 1.5 Lakh per month ( 18 Lakh per annum) for 4 years , as total transiction is above 50 lakhs wheras yearly payment of said property is Rs 18 Lakhs .............so is there any requirement of  deducting TDS 

Replies (3)
yes you need to deduct tax
in the same question i have a query.... considering the same situation if i have purchased i property and the consideration is fixed at the begining of the settlement through pre-dated cheque in 5 installments... whether m liable to deduct tax at the total consideration or the partial payment on each installment...? because the law says payment or credit whichever is earlier is the point of time at which liability to deduct tax arrises.... as the creditor for property is booked on the full consideration the book entry is already done.... so confusion is there.... can anyone help?

THANKS SIR BUT DO WE HAVE TO DEDUCT TDS ON EACH EMI or could we deposit in beginning of the year as lumpsum of yearly payment

 

 

Could seller deposit TDS

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