90,000+ Legal Questions Answered
Property TDS
3 years ago
I purchased a flat on Feb 2020 in bangalore. Total price is 70 Lacs. i took loan of 56 lacs and till date i gave 90% of 70 lacs to builder.
On September they will be giving the possesion of the Flat So I can do the registration.
I want to go the registration on Guidance value that will be 49-53 lacs as per builder.
My Question is when I should submit the TDS? Is that fine to go for TDS after registration ot I need to submit before?
Adv. Sarika Khude
Responded 3 years ago
A.buyer has to deduct TDS at 1% of the total sale consideration, not seller
Helpful
Helpful
Share
A.The buyer has to deduct TDS at 1% of the total sale consideration. Note that the buyer is required to deduct TDS, not the seller. No TDS is required to be deducted if sale consideration is less than Rs 50 lakhs. If the payment is made by instalments, then TDS has to be deducted on each instalment paid.
Helpful
Helpful
Share
Ayantika Mondal @ Prime Legal
Responded 3 years ago
A.Guidance value depend on the area, can you share the schedule of the property
Helpful
Helpful
Share
Read Related Answers
Inheritance Rights Dispute Over Mothers Property in Bengaluru
Dear Client,
A property when left by the deceased owner intestate i.e, without any will, is devolved upon the surviving legal heirs in equal share following the law of inheritance/succession. After t...
EWS Certificate
Dear Client,
The death certificate of a deceased person is a crucial document that is mandatorily required for the issue of a legal heir certificate either by the Municipal Authority or to apply for a...
POA from SriLanka to India citizen Resident Indian
Dear client,
If the seller of the property is not now in India, he can still execute a POA abroad, but the process is slightly different. His first step is to visit the Indian Embassy or Consulate in...
Darkast agriculture land sale
Dear Sir,
If there is perpetual restraint from selling the land then the grandson cannot sell without the permission from the Deputy Commissioner. The conditions in the Darkasth to be read.
Mutation of property in authority records based upon registered gift deed
Dear Sir,
Yes, the mutation will be taken place as jointly in respect of your respective wives. You have to produce certified copies of both the Gift Deeds.
Read Blogs on Property
Property Lawyers
Find Lawyers by Location
