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What is the tax amount deduce at source?- Property Hotline
Posted
October 13, 2016
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11
October 13, 2016
11
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4:44Now PlayingExpert: Pannkaj Ghadiali, Managing Partner at PC Ghadiali and Company LLP.
Question: If I buy a flat Rs 65 lakhs and it includes land cost, construction, miscellaneous cost etc. Excludes registration cost? I have to remit 1% TDS on behalf of the builder. What is the amount and what is it exactly?
Answer: Tax at Source is deductible at 1% on the amount payable to the builder. It does not include stamp duty or registration fees. The tax has to be deducted on each payment and the same has to be deducted for every payment made to the builder. The tax so deducted has to be deposited with the government before the 7th of the next month.
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