TDS on new property

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  1. Debashis Sengupta

    Debashis Sengupta New Member

    I had made payment to builder as token advance for one flat in March 2016 and April 2016. Now I have decided to proceed with the purchase. I shall enter into a"Agreement for sale" contract with builder this month ( May 2016). I understand from various discussions that I have to deduct TDS on the amount paid by me before and deposit. But due to late deduction and payment to IT,will it attract penalty & interest? If yes how much or how to calculate the amount of interest and penalty?
     
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