Question ID :
35859
TDS on Property
An individual buying Commercial property from a partnership firm has to deduct TDS @1% from seller if value exceeds 50 Lacs. A major part was given through cheques on the basis of oral agreement but wrtitten agreement/Title deed is yet to be Executed. Whether TDS will have to be deposited adding interest @1.5% to TDs amount for Advance payment .
Posted by
Mahesh Kumar
on
Oct 27, 2018
Filed Under
TDS/TCS
Yes
Posted by
Ashok Kumar Agarwal on
Oct 28, 2018
Answer ID :
75000
TDS has to be deducted at the time of executing deed or at the time of advance payment whichever is earlier. Hence if advance payment is made, TDS has to be deducted and deposited with interest.
Posted by
CA. chunauti dholakia on
Nov 03, 2018