TDS on sale of property

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  1. Ashwanicareer

    Ashwanicareer New Member

    hi pls help on the query below:
    Is an individual home buyer , who has bought a flat under construction link plan , of sale value more than 50 lacs, required to pay TDS on instalments towards buying the said property which were scheduled before June 2013..
    Thanks...
     
  2. ZED

    ZED Well-Known Member

    TDS provisions are to be applicable at the time of entry or payment whichever is earlier. The *time of entry* point will come only if assessee is maintaining books of accounts, if no books are maintained by the assessee then we will have to see the point of payment only. Consequently, if payments are made post June 2013, Tax should be deducted at 1% on those payment which falls on or after 01.06.13

    Books of accounts are prepared in case of business.
     
  3. Ashwanicareer

    Ashwanicareer New Member

    I have bought the apartment directly from the builder. So in this case the installments which i have made payment for prior to June 2013, i dont need to deposit the TDS.
    Thanks.
     
  4. ZED

    ZED Well-Known Member

    Installments were scheduled prior to June 13 but the payment were made post June 13, then I would advice to pay TDS. You can take your chances in appeals but if you want to avoid that then pay it.
    The tax department will have the info of this transaction from the sub-registrar of the properties , so there is no point of hiding it.

    Either pay it or take a little risk in appeal.
    [I personally am in favour of non deduction, but I do not have authority to say that tax is not deductible, that authority is with judge.]
     
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