Hello Experts,
I have received email for "CPC (TDS) Follow up: 26QB" not filed for property purchase in 2014.
I bough resale flat from individual. Purchase cost (agreement cast) was 47 lacks and have paid stamp duty of around 4 lacks. Market value as per ready reconer rate was around 60 lacks (Higher than actual purchase cost).
Which amount is considered for TDS deduction ? Agreement cost OR Agreement + Stamp Duty OR Market Value?
Agreement cost should be considerd for TDs deduction as the purchase consideration was 47 laks. Market value to be consider for seller as he has to pay capital gain on that amount. TDS deduction to be made on agreement valur not on market value.
Thanks Mr. Vipul.
Then why did I receive intimation as agreement cost is below 50 lacks ?
1% TDS is applicable only for purchases above 50 lacks, right.
CAclubindia
