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Tds on property
if a person has bought a property then will tds be deducted on stamp duty + the advance payment made? what rate? how is the accounting done? please help
Replies (5)
TDS Should be deducted on Agreement Value @ 1% in Agreement value of Immovable Property is above 50 Lakhs.
Entry for the same is following
Fixed Assets A/c Dr.
To TDS Payable Account Cr.
To Party/ Vendor Cr.
Then
Party A/c Dr.
To Bank Cr.
so if the advance is paid then no tds on it? if we pay 1% on agreemebt value then it will be inclusive rite?
No.
Tds Should be deducted on booking in accounts or payment which ever is earlier.
Tds is not inclusive. it is charge on agreement value separately.
ok. got it. thank you so much
Ur Wlcm Dear.
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