tds on property

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  1. dev21

    dev21 New Member

    Sir i have purchesed a flat abtout 72 lac and full amount paid by cheque to the builder but didn't deposited tds now what should i do
     
  2. Investuru & Co.

    Investuru & Co. New Member

    Dear Client, Firstly let me know whether u have deducted TDS or not. Because you have mentioned in your query only about Non-Deposition of TDS.
    Also, please clarify the date of payment of Purchase Consideration.
     
    Last edited: Jul 17, 2016
  3. dev21

    dev21 New Member

    Sir i have deposited full amount 100%
    And not dededucted tds , payment was given in instalment from march 2015 to dec. 2015 registry was done in feb. 2016
     
  4. Investuru & Co.

    Investuru & Co. New Member

    Even, Payment is made in installments.
    Since, total Consideration amount exceeds Rs.50 Lakhs, therefore provisions of section-194IA shall be applicable. Date of Registry / Date of transfer of property is irrelevant for the purpose of TDS applicability.
    So, it is concluded that you are require to deduct TDS on entire amount that is Rs. 72 Lakhs @ 1%.
     
  5. Investuru & Co.

    Investuru & Co. New Member

    If TDS has not been deducted when it was applicable, interest is levied on the amount of TDS
    • Interest @1% for every month or part of month from the date on which it was deductible to the date on which it was actually deducted.
    If TDS was deducted but not deposited timely, interest is levied on the amount of TDS

    • Interest @1.5% for every month or part of month from the date on which it was deducted to the date on which such tax was remitted to the government for payment.
     
  6. dev21

    dev21 New Member

    thanks sir
    means i should deposit tds plus 1% interest because tds was not deducted
    and any idea about penalty
     
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