Divya Priya (student) 22 February 2020
My friend is going to buy house for 97 lakhs , total sale consideration . He is also applying loan for 50lakhs. He gave advance of 20lakh and sale agreement was made on 20th Feb 2020. How and when tds to be deducted ? And before which date the deducted tds to be paid to government and by seller or by buyer?
Eswar Reddy S (CFO- at NHTF) 25 February 2020
You can deduct at the time of each payment.
Else in the next payment you must consider entire value and Tds @ 1% on 97lacs.
So Tds will be 97000/-
There will be challan cum Tds return -26QB for immovable property.
There will be 30days time from 1st March if Tds deducted in February.