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TMI Blog1% TDS ON NEW PURCHASE PROPERTYX X X X Extracts X X X X X X X X Extracts X X X X ..... 1% TDS ON NEW PURCHASE PROPERTY X X X X Extracts X X X X X X X X Extracts X X X X ..... reement 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 per rule I was suppose to deduct 1 % ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 I pay lump sum of 1% TDS on whole agreem ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ent 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 to the builder the TDS of 1% is to be deducted ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 credit of such sum to the account of TRANSFEROR OR at ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 you cannot credit the transferee. You will have to deduct ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tax as per the payment made by you. In the event of part payment, tax has to be deducted on every part payment. X X X X Extracts X X X X X X X X Extracts X X X X
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