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TDS on Immovable Property from 1st June, 2013
June 7 2013 , 11:36 AM   #71
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its very well effective....there is advertisement in TOI today on this...
June 7 2013 , 11:42 AM   #72
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Yes, there is advertisement in all leading news paper today. Nobody has surety on this & i have already made full payment to seller without deducting anything. As it is under construction property, we have approached builder to endorse my name on BBA on 1st june,2013. Now, i am not sure whether i have to pay 1% amount?
June 7 2013 , 11:52 AM   #73
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Did you ever talked about the possibility of TDS getting applicable with the seller during the meetings?
June 7 2013 , 12:12 PM   #74
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Quote:
Originally Posted by himrathore
Did you ever talked about the possibility of TDS getting applicable with the seller during the meetings?
No, i was not aware of the thing that its buyer responsibility to get it deducted from payment made to seller. I did not talked to him on this topic at all.
June 7 2013 , 12:16 PM   #75
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Since you have already completed the transaction from your side, and you have not at all talked on this topic with seller. You should try to get him on consenses over TDS being his responsibility to pay through involved dealer offcourse. And try if you can get a caluse mentioned in the ATS which bounds seller to pay TDS at later time if applicable by any chance.

And be confident while communicating and donot hesitate to threaten to lodge complaint if seller resists.
June 7 2013 , 12:44 PM   #76
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My Understanding is as below
1- Applicable only on RE ( excluding agriculture) worth more than 50 Lac in consideration ( all inclusive). Total consideration include BSP + other charges like EDC, IDC etc.
2- No TDS applicable if payment made before 01-Jun-13
3- TDS is applicable for all payments to be made after 01-Jun-13 including under construction. Bank will have to deduct it during disbursement otherwise Buyer will have to do it
4- TDS deduction proof is mandatory for property registration
5- I am not sure but as per some discussions,Builder will have to check TDS payment before transfer of ownership as they are similar to registration authority in these cases.
6- TDS deduction will appear in Form 26AS hence settlement of transaction is must to file online return
7- It seems primary aim of Govt to check transactions happening before registry which were going unnoticed till now as there was no mechanism for auto reporting till date.
June 7 2013 , 12:44 PM   #77
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are you guys sure that TDS would be applicable on under construction property as well...my thought was that it is only for registered properties..not sure
June 7 2013 , 12:45 PM   #78
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What rule is applocable now?

1) Is it on properties above 50 L or 1Cr?
2) If 1 CR then if a property is sold at 1.3 Cr what will be the deducted amount? Will it be 1% of 30 L or 1.3 Cr?
June 7 2013 , 01:19 PM   #79
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Quote:
Originally Posted by amty_gr
What rule is applocable now?

1) Is it on properties above 50 L or 1Cr?
2) If 1 CR then if a property is sold at 1.3 Cr what will be the deducted amount? Will it be 1% of 30 L or 1.3 Cr?
Obviously it is 1% of full amount i.e. 1.3 Cr. But again, will ATS date be considered for buying a property or date when it is transferred by builder?
June 7 2013 , 01:42 PM   #80
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It clearly states as transaction after 1st June, since ATS is the one document which confirms transaction dates and builder transfer date is inclusive of transfer time taken from builder. So ATS can be the only proof of actual trasaction dates in my view and not builder transfer date.

Quote:
Originally Posted by harry_7241
Obviously it is 1% of full amount i.e. 1.3 Cr. But again, will ATS date be considered for buying a property or date when it is transferred by builder?
harry_7241 likes this.
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