Do I need to pay 1% TDS on property sub – Rs 50 lakh? - Property Hotline
January 5, 2017
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3:56Now PlayingDo I need to pay 1% TDS on property sub – Rs 50 lakh? - Property Hotline
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as posted by the channelExpert: Pannkaj Ghadiali, Managing Partner, P C Ghadiali and Co LLP
Q: I purchased an under-construction property costing Rs 45 lakh plus Rs 8 lakh as other charges. Do I have to pay TDS of 1% or not? The builder is deducting service tax.
A: There is no co-relation between TDs and service tax, both are separate. TDS at the rate of 1% is payable on the value of the consideration on which you are buying the property. So as per your question, Rs 45 lakh is the value of your purchase and that being less than Rs 50 lakh, there is no obligation on you to deduct the TDS of 1% from the builder. Also, there is no applicability of service tax in this case.
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