Tds payment

Rukhiya Ahmed (Querist) 23 November 2023 This query is : Resolved
I have bought a flat for 9300000/- which is a resell property. The payment for property is done by owner is 10% of property rate and 90% funded by bank. Initially i have done token advance rs.50000/- dated 15 oct 2023 and remaining payment rs.830000/- was done on nov 9. so totally i have made initial 10% payment of rs.930000/- to the seller. My question are
1. should i proceed the TDS payment for the whole amount of Rs.9300000/- or Rs.930000/-?
2. Or should i wait until the whole amount to be transferred to the seller from the bank?
Pls suggest

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Quick Summary

When purchasing a resale property, TDS (Tax Deducted at Source) needs to be paid on the transaction. The buyer is responsible for deducting 1% TDS on the property's consideration value or stamp duty value, whichever is higher, if the amount exceeds Rs. 50 Lakhs. TDS should be deducted on payments already made and when the property registration is completed, whichever occurs first.

kavksatyanarayana (Expert) 23 November 2023
Under Section 194-IA- It is proposed to amend the amount on which TDS should be deducted. The person buying the property should deduct tax at 1% on the sum paid/credited or the stamp duty value of such property, whichever is higher.

T. Kalaiselvan, Advocate (Expert) 24 November 2023
If any person (Resident or Non-Resident) purchases any immovable property (Except Specified Agricultural Land which is not a capital asset) then such buyer is required to deduct TDS @ 1% of Consideration Price or the stamp duty value of such property, whichever is higher and remit balance amount i.e 99% of Consideration price to the Seller/Transferor.
TDS @ 1% is to be deducted on all Property Transactions which are above Rs. 50 Lakhs. This TDS is to be deducted on all types of Property Transactions irrespective of whether the property in consideration is a flat or a building or a vacant plot. TDS is to be deducted irrespective of whether it is a Residential Property or Commercial or Industrial Property. TDS is to be deducted on all types of property transactions except Agricultural Land.

Advocate Rajamahendra Varma P (Expert) 30 November 2023
Deduct the TDS on the payments which you have already made and entered into the agreement. Once you pay the balance amount OR getting registered (which ever is earlier), on that day you have to deduct & remit the balance TDS amount.

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