Tds on sale of property, interest on late deduction

Dear Akash kindly refer to following

/articles/194-ia-tds-on-sale-of-immovable-property-complete-details-19736.asp#.VKumJskuhkg

first of all, you have to confirm the purchase amount of immovable property is exceed Rs.50lac or less. It it is upto 50 lac, then no liablity to deduct the TDS.

and if purchased amount is exceed Rs. 50 lac, then you have to decut the TDS @ 1% on the credit the account of seller or payment, whichever is earlier.

In you case it seems for less than 50 lac. so no liability to deduct the tds. However if it is more than 50 lac, then liability to deduct the TDS.

if you have done the payment without dedcution of TDS, then you have to pay the interest @ 1% per month or for a part of a month from the date on which it was to be deducted to the date of deduction. and 1.5% from the date of deduction to date of payment.

I hope your query is now solved out.

Thanks Arif for the clarification, and your time.

Yes, the consideration of the property is well above 50 lacs.

So I need to calculate the interest for the first two payments (12/08 and 06/10) as 1% till 30/10, and afterwards, interest for the total amount at 1.5% p.m. till the date of payment?

Also, do I need to pay the TDS in three separate transactions (representing the three payments) or a single one?