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TDS on purchase of house property
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?
Replies (1)
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.
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.
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