TDS on Property Advance or Booking Amount

TDS 422 views 1 replies

Dear All,

Please Guide me in below mention Query- 

1. I had done the booking of one property and given 10% booking amount (or Say Advance amount) on the same, shall I need to deduct TDS on the same.

2. What if, in future the property deal doesn't execute due to some reasons like financial, technical or any else, and I need to return that booking amount, then what about the TDS amount that deducted, I deducted while paying booking amount.

Waiting for your valuable guidance.

 

Replies (1)

1. Yes. You need to withhold tax

2. You can consider claiming refund of TDS from the Government. Alternatively, you can ask the builder to give you entire amount and he claiming credit of TDS from Government


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