Clarification on 1%TDS Eligibility for my Property

Share This Thread
  1. virtualkarthik

    virtualkarthik New Member

    Hello CAs

    Need your expert advice on a dilemma that I have related to the 1% TDS for immovable property above 50L.

    I bought a Under-construction flat on Oct 2015 which was registered on 2015 for the below values as two documents.

    Sale Deed for UDS - 8,46,000/-
    Construction Agreement - 43,92,822/-

    I took the possession of the flat on September 2016.

    Total Cost break up of the Flat Provided by the Builder is as below

    Flat Cost ( 1093 Sqft x Rs 4386.24) - 47,94,157.00
    EB Charges - 35,000.00
    CMDA & Panchayat Charges - 1,19,137.00
    Infra Charges ( Road Pavement) - 38,255.00
    STP Charges - 60,115.00
    Legal & Documentation Charge - 15,000.00
    Service Tax - 1,77,158.24

    Grand Total - 52,38,822.24

    Provided the above details, I just want to know should I pay the 1% TDS tax. Taking the Flat cost which is just 47,94,157/- should I ignore it ?

    I have already paid the full amount to the Builder and now I need to pay from my pocket and get it reimbursed from him if its applicable for me.

    This was a surprise to me as I wasn't aware of this Rule.

    Your inputs and clarification would be much appreciated.

Draft saved Draft deleted
Similar Threads Forum Date
HRA related clarification Income Tax Nov 11, 2017
Clarification on section 44ADA Income Tax Nov 3, 2017
clarification on holding period of LTCG computation Income Tax Oct 10, 2017
Clarification on Section 44ADA Presumptive Tax on Professionals Income Tax Jul 26, 2017
Clarification in Section 80 DD exemption Income Tax Jun 7, 2017