Tds on property (construction linked)

Dear Experts,

I entered into an agreement to buy a property worth 1.4 crore in January 2012. It was a constructions linked plan (Wherein I was paying time by time till date). By June 2013 I had already paid 30 Lac of it to the developer and the rest 1.1 Crore I paid in installments after June 2013 till date. Please confirm me do I need to deposit TDS and generate form 26QS ? if yes please confirm should I deduct TDS on total 1.4 Crore or should I deduct on balance of 1.1 crore @ 1%.

Thanks a lot in advance..

 

Replies (4)

1% on balance amount as & when installments paid.

Thanks Sir.

Can you please confirm what should I write in consideration amount while filing form 26QS 1.4 crore or 1.1 crore.

I mean its looking very awkward to fill 1.4 crore and filing 110000 only as TDS instead of 140000.

Please suggest.

Thanx a ton.

You are paying installment not total value of the property.

1% is deducted on installment paid, so no awkwardness in quoting total price of property as 1.40 Cr..

Thanx Sir,

Very True.

You are great..

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