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  1. Pkp@prabhash

    [email protected] New Member

    I am an individual,have purchased flat for 1.2 crores..I shall be liable to deduct TDs on making payment to builder..even though it is financed by I have fixed emi..whether it is my liability to deduct tax???

    INVESTURU Member

    Yes, you are liable to deduct TDS, even payment is financed by bank. As in this case, bank is like a disbursing agent. And, nevertheless, that the law casts the responsibility on the 'transferee', that is, the buyer, to deduct tax at source. And that the bank might not always deduct the tax since it is only acting as a disbursing agent. Since, non-deduction of tax at source might attract penalties, it is your's duty to ensure that the tax has been paid.

    INVESTURU Member

    In this case, you need not to have a TAN number. You can also fill form-26QB.
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