TDS on Disbursement Amount
I have a query regarding the TDS on the disbursement amount that I need to pay to IT department.
The total cost of my flat ( including TAXES & VAT ) is INR 51,52,500. I have taken a loan amount of
INR 41 Lakhs from bank.
As per builder's 1st demand letter, the bank released amount of around : INR 13 Lakhs
As per builder's 2nd demand letter, the bank released amount of around: INR 18 Lakhs
My query is, Am I liable to pay tax ( 1% Tax ) for 1st Disbursement : INR 13 Lakhs and ( 1% Tax )
for 2nd Disbursement : INR 18 Lakhs to IT department ?
Since I was not aware of this, am i liable for a penalty ?
Asked 8 months ago in Property Tax from Bangalore, Karnataka