TaxTMI 
TaxTMI 
1% TDS ON NEW PURCHASE PROPERTY
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....% TDS ON NEW PURCHASE PROPERTY<br> Query (Issue) Started By: - mangesh R Dated:- 5-7-2019 Last Reply Date:- 21-7-2019 Income Tax<br>Got 2 Replies<br>Income Tax<br>Hi, I bought an apartment with a agr....
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....eement consideration value of around 66.6 lakh and currently it's under-construction. Construction started in 2019 and will get hand-over in 2023. Usually as per rule I was suppose to deduct 1 % T....
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....DS as per agreement value (i.e.66.6 lacks) and submit to government. This project comes under RERA. I am paying amount in installment as per slab wise so can I pay lump sum of 1% TDS on whole agreeme....
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....nt value ie. 66600 before paying entire amount to builder. Thanks. Reply By Ganeshan Kalyani: The Reply: In my view, whenever payment is made by you to the builder the TDS of 1% is to be deducted a....
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....nd paid to the government. Reply By Neekita Jindal: The Reply: As per section 194-IA of Income Tax Act, 1961, TRANSFEREE shall at the time of credit of such sum to the account of TRANSFEROR OR at t....
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....he time of payment by cash/cheque or any other mode, WHICHEVER IS EARLIER is required to deduct tax @1%. The house is under construction, so you cannot credit the transferee. You will have to deduct ....
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....tax as per the payment made by you. In the event of part payment, tax has to be deducted on every part payment.<br> Discussion Forum - Knowledge Sharing ....