if a buyer buy a property ₹6000000 and liable to deduct TDS @ 1% and make payment in 6 installments then he is liable to deduct TDS on the value of the property i.e., ₹6000000 or on the amount of installment that is paid i.e., ₹1000000 ?
if he is liable to TDS on installment amount, then should he deduct TDS on payment of each installment ?
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TDS u/s 194IA
Replies (4)
Buyer can deduct 1% TDS on each installment.
okay thanks
TDS 1% to be made on full agreement value at first installment stage only
full TDS shall be deductef at the time of first installment because provision aays that deduction must be earliest of payment or credit
hence at the time of purchase of property you will credit the entire 60L in the name of seller hence you need to deduct tax at the time of credit
hence at the time of purchase of property you will credit the entire 60L in the name of seller hence you need to deduct tax at the time of credit
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