I have purchased flat and entered into sale agreement in the year 2011 for a total consideration of Rs.65Lakhs under construction linked plan and taken a loan of Rs.45 Laks from SBI. The instalments are being paid by borrowing from the Bank as and when demand is raised by the seller. I have already paid Rs. 40 lakhs till 31st March'14. Next instalment of Rs. 3.50 lakhs is due to be paid by 10thApril'14 as per demand raised by the seller. I would like to know whether I should first deposit TDS @ 1% i.e; Rs.3500 or Bank will deduct TDS and disburse the remaining amount of Rs.3,46,500 or let the Bank first disburse the loan equivalent to instalment less TDS and later on I can deposit the TDS within 7 days of making the payment to seller.
CAclubindia
