Hi, I have purchased a flat in resendential project in Greater Noida West in 2013, at that time cost was below 50Lac. The builder is now offering possesion but has slightly increased area and now the cost of property is 51,50,000, which means now TDS is applicable to me. As per rules, TDS should be deducted on each installment. I have deducted ant TDS now since the price was below 50Lac. But on tax filling website, I have to enter date of agreement, mode of payment( installment or lumpsum) and amount. If I enter lumpsum and pay TDS of 51,500 then I would be defaulter and have to pay penalty and interest also. Please advice, I haven't paid any installment after increased price and I have paid 49lac till now.
Hi
Will you be registering the property at 51.5 lakhs? If yes, TDS has to be deducted in accordance of each payment and interest shall be applicable.
The way round could be registering below 50 lakhs and paying remaining amount in form of other charges.
Hi,
Do you have any agreement with the builder for additional cost. You can enter into a separate agreement for additional cost and put that agreement's date as date of agreement.
I have not done this practically but it sounds logical to me.
Please feel free to call/ revert in case you need more clarity.
Thanks and regards
Abhishek Dugar
CA CS B.Com
Hi,
My suggestion is to pay the TDS immediately.
Regards,
Nikhil
If you are take full amount into registration then TDS and interest thereon will be applicable.
If changes are done from side of builder then I advise ,to ask builder to bear the additional interest and penalty amount.
