TDS on Property in case of Loan EMI?

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  1. ronak thakkar

    ronak thakkar New Member

    BUYER HAD BOUGHT THE PROPERTY WORTH 55 LACS
    THE LOAN AMOUNT IS 50 LACS
    WHEN BUYER WILL DEDUCT THE TDs AMOUNT AND PAY TO GOVT.
     
  2. Sekhar Chandra

    Sekhar Chandra New Member

  3. ronak thakkar

    ronak thakkar New Member

    sir i need to know , the buyer had made the payment for property their after the buyer will have to deduct the tds amount and need to pay to the govt.

    but if the buyer will have an funding with bank in that case can the buyer deduct the tds amount & pay to the govt in advance (before giving the payment of property to the the seller)
     
  4. Karan Batra

    Karan Batra Well-Known Member

    The date of payment to the buyer is required to be mentioned in the Form 26QB which is to be submitted while depositing TDS.

    If you deposit the TDS in advance - how will mention the date of payment.
     
  5. Karan Batra

    Karan Batra Well-Known Member

    Moreover, why do you want to make the payment of TDS before making the payment. The TDS is required to be deposited after making the payment.

    If the Banker is asking you to deposit the TDS before hand - tell them to give it to you in writing as the due date for deposit of TDS is after making the payment.
     
  6. Anyone buying real estate worth more than Rs 50 lakh has to deduct 1% of the price of the property before paying the seller. That 1% TDS has to be deposited with the tax department using Form 26QB. If you failed to deposit the amount with the income tax department on time, you may have to pay a penalty of up to Rs 1 lakh.

    In case the payment is made in instalments, then TDS needs to be deducted at the time of making each payment. This TDS, deducted each time while paying the instalment, is to be deposited with the department by way of return cum challan (Form 26QB) within seven days of the following month of making the payment. Failing to do so can, apart from the dues and late filing interest, attract a penalty under Section 271H of up to Rs 1 lakh.

    If you want to know more on the subject matter i,e. personal loans, car loans or bike loans you can visit here.
     
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