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Tds on property

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TAX PRACTITIONER
293 Points Joined June 2019
Dear sir, My client purchased new property and payment done by Installment so my question is how to deduct TDs on property. on entire amount or installment amount plz guide me.
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On 27 February 2021 at 11:36 Report
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7 Points Joined February 2021
In my openion if value of property is more then 50 lacks you need to deduct tds @ 1% irrespective of payment in parts.
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On 27 February 2021 at 12:41
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Chartered Accountant
161 Points Joined December 2007

TDS can be deducted according to each payment. But in that case, you have to deposit the TDS and file Form 26QB each month.

 

 

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On 27 February 2021 at 13:31
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Chartered Accountant
24588 Points Joined November 2019
TDS should be deducted as per installment made
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On 30 May 2021 at 12:40

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