TDS on Immovable Property

[Fortune Procurators]

Proposed purchase of Office Premises:

Agreement Value : 90,00,000

Stamp Duty : 540000

Registration Fee : 30000

Service Tax 378000

Vat : 90000

Security Deposit - 100000

Maintenance - 100000

Total Value 10238000

Kindly suggest on which amount we have to deduct TDS @ 1%

AI Summary

TDS on property payments: deductible from contractor's payable consideration; statutory charges and deposits excluded; maintenance may attract deduction.
TDS is deductible from the payment made to the contractor or seller and is calculated on the amount payable to that party. Statutory or incidental payments-stamp duty, registration fee, service tax, VAT and security deposit-are not subject to TDS in this context. Maintenance charges constitute income to the recipient and may attract withholding tax.