TMI Blog1% TDS ON NEW PURCHASE PROPERTYX X X X Extracts X X X X X X X X Extracts X X X X ..... Hi, I bought an apartment with a agreement consideration value of around 66.6 lakh and currently it's under-construction. Construction started in 2019 and will get hand-over in 2023. Usually as ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... per rule I was suppose to deduct 1 % TDS as per agreement value (i.e.66.6 lacks) and submit to government. This project comes under RERA. I am paying amount in installment as per slab wise so can ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... I pay lump sum of 1% TDS on whole agreement value ie. 66600 before paying entire amount to builder. Thanks. - Reply By Ganeshan Kalyani - The Reply = In my view, whenever payment is made by you ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... to the builder the TDS of 1% is to be deducted and paid to the government. - Reply By Neekita Jindal - The Reply = As per section 194-IA of Income Tax Act, 1961 , TRANSFEREE shall at the time of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... credit of such sum to the account of TRANSFEROR OR at the time of payment by cash/cheque or any other mode, WHICHEVER IS EARLIER is required to deduct tax @1%. The house is under construction, so ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... you cannot credit the transferee. You will have to deduct tax as per the payment made by you. In the event of part payment, tax has to be deducted on every part payment. - 1% TDS ON NEW PURCHASE PRO ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... PERTY - Query Started By: - mangesh R Dated:- 5-7-2019 Income Tax - Got 2 Replies - Income Tax - Discussion Forum - Knowledge Sharing, reply post by an expert, personal opinion Tax Management India ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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