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Tds on sale of property

TDS 424 views 3 replies

Anup Agarwal

Accountant

53 Points Joined October 2009

Dear All

We had sale a property to a Person and even registered that property in his name, but he fail to deposit TDS 1% 10582 out of 55643. Now, he is deffering to deposit.

What will we do, to ask him deposit Rs 10582 as balance TDS and what we can take action against him.

Is we are penalise any terms and how he can be effect from TDS department.

Replies (3)

The liability to deduct Tds is not on you. Hence, you are not in default. Your responsibility is only to ensure proper disclosures in your accounts and returns. And pay proper taxes after considering admissible amounts of tds as shown in your 26AS. You can only ask the purchaser to do the right thing and if he is still unwilling , he is at default. The Tds dept will query or penalise him and not you.