TDS on underconstruction property

1 year ago

I have purchased underconstruction property in mumbai year of 2019. Agreement of sale done in feb 2020 & it is 44 lakhs. Stamp duty is also paid 264000+ 30000 registration. GST is 5% applicable total 2,20,000 which has to be paid with construction work progress. PLC charges are 2,85,000 & has to paid while posession in year 2024. Developer asking me to pay 1% tds on all above transaction value which are 51.9 lakhs total. But according to IT laws while calculating tds for total sale value stamp duty & gst amounts are excluded. If so then my total value comes under 50 lakhs & no tds is applicable. Please guide in this regards whether i have to pay tds or developer forcefully try to getting it.

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Anik

Responded 1 year ago

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A.Sir, you have to visit the office of audit or charted accountant as it invves provisions of income tax act.

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Kishan Dutt Kalaskar

Responded 1 year ago

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A.Dear Sir,

You have to go to the office of audit or charted accountant as it involves provisions of Income Tax Act.

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