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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

Answer ID : 74993

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