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Do we need to pay TDS on every instalments?- Property Hotline
Posted
August 4, 2016
Views
19,872
Likes
71
Comments
8
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0.40%
August 4, 2016
19,872
71
8
0.40%
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5:24Now PlayingExpert: Shipra Padhi, Member of International Tax Practice at Nishith Desai Associates.
Question: I booked a flat for Rs 55 lakh in Noida in 2015. I have paid the instalments regularly. So far, payment worth Rs49 lakh is done. Once I have paid Rs 50 lakh I have to deduct 1% TDS. My CA tells me that I must pay TDS for the payment made prior to the Rs50 lakh limit. Should I do so? Do I have to pay any penalty?
Answer: Yes, TDS must be paid on all instalments where total consideration is more than Rs50 Lakh. For late or non-payment of TDS, there could be:
1)interest levied
2)Late payment fees of Rs200 per day and
3)Penalty (discretionary, up to Rs1 Lakh)
So the day you sign your sale deed you will have to pay the TDS within the 7th of the month.
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