Tds on property

1a) Date on which you executed agreement
1b) Date on which you executed agreement
2. Yes - it's 1% p.m of delay in months.
3. Definitely ask for interest and penalty both

Hello Pravin ji, Thanks for the information. For - 1a and 1b, should I mention agreement date or FDN payment date for 1a and Tax Deduction date when i got TDS refund, means 16-08-2019 for 1b And, also I think penalty is Rs. 200 per day and max. Same amount of TDS, is that correct? Or does income tax department takes interest on same as well?

@ Raj
For 1b) date will be final agreement date or date may be for each instalment payment

Under Section 234E, you will have to pay a fine of Rs 200 per day (two hundred) until your return is filed. You have to pay this for every day of delay until the fineamount is equal to the amount you are supposed to pay as TDS.

Hello Pravin Ji, Builder has just refunded 1% TDS amount, seems here I would need to pay both Penalty under section Section 234E which is going to be equal to TDS amount, and also 1% interest on TDS for every month till TDS was not refunded (under section - 194 IA). This is going to again good amount.

Hello Paravin ji, Thank you very much for helping me. Please let me know what all components include within sale consideration amount on which TDS is applicable. Does it include Service Tax, Club charges, Parking charges, 1 year advance maintenance charges, lease rent, and other charges, builder took at the time of FDN. Builder calculated TDS on the total amount paid to builder till FDN. I am wondering, If these components does include on the amount on which TDS is applicable. If not then I think TDS will not be applicable on Apartment. Please suggest.

TDS has been made applicable now from this year on all those additional payments.

Hello Paravin Ji, But it was not applicable till FDN i.e till 2017. So will TDS still applicable on my case. I mean, these components still applicable on my case?

From 1-9-2019, under amended 194-IA

TDS @ 1% on purchase price of property and to be included all charges such as club membership car parking electricity and water facility fee garage charges advance maintenance fee and any other charges which are incidental to the transfer of property.

Hello Pravin ji,

Thanks for the reply!

My Apartment Booked in 2013, but Registry is not yet done. And, amendment 1-9-2019 says, it will be applicable on property purchased after 1-9-2019. So, what is my purchased date here - 

1. Date on which Apartment Booked, OR

2. Date on which Registry will be done?

Also, does service tax also part of sale consideration? And, does sale consideration means, value will be written on Registry OR payment I paid to Builder? Bcoz circle rate is increased, so stamp duty and value which will be written on property will be more than paid to builder.
 

Dear Experts, Please respond.

1. In your case even though the date of purchase is as on the date of the agreement which is 2013. But payment for the same is made during the year on the date on which amendment is made exists, so it cannot be contended that it does not apply in your case. 
2. As per sec 194-IA, TDS @ 1% need to be deducted if the payment exceeds Rs. 50 lakhs. As per the latest amendment TDS need to be deducted in all charges like a club membership fee, car parking fee, and other similar charges. However, as per circular dated Circular No. 23/2017 says TDS need not be deducted on GST component. 
3. So in a nutshell TDS need to be deducted including all other fees paid and TDS need not be deducted on GST component. 
Please correct me if the above solution has an alternative view.

Thanks Suresh for your reply. Experts - Please share your viewpoint in my case