Can anyone please guide on below:
(1) Mr. x bought a under construction flat from one of an allottee (original buyer) before possession and conveyance deed for Rs. 60 lakhs in FY 2022-23.
(2) Money was paid to the original buyer / allottee in FY 2022-23 after holding TDS @ 1% amounting to Rs. 60,000/-
(3) The flat was transferred by the original buyer/allottee in the name of Mr. x in April 2023 in the records of Builder. The flat and amount paid by the original buyer / allottee (Rs. 30 lakh) is now transferred in the name of Mr. x in the records of the Builder.
(4) After completion of project, conveyance deed was executed by the builder in Oct 2023 in the name of Mr. x. for Rs. 30 lakh. Although the stamp duty value is 80 lakhs. No TDS was deducted at this time.
(5) TDS deducted by Mr. x is not yet deposited in the name of the original buyer / allottee.
Can anyone please guide on tds ? TDS is to be deposited in whose name ? Is there any penalty / fine to be deposited also.
CAclubindia
