I purchased a flat worth 59 lacs in March 2016 should I be paying the TDS on that amount?

Forums House Property Taxation I purchased a flat worth 59 lacs in March 2016 should I be paying the TDS on that amount?

I purchased a flat worth 59 lacs in March 2016 should I be paying the TDS on that amount?

We’ve purchased our flat worth 59 lacs in March 2016. At the time of sale due to ignorance of the facts about the tax on sale of property is TDS, I gave the whole amount(59 lacs) to the seller. Recently one of the CA told me that TDS is not applicable for Individuals. Please clarify if I should have deducted TDS on that amount. Also let me know, what can I do now. The seller is still in touch and ready to co-operate.

Please let me know if you need any more details from me.

Profile photo of eswar Asked By: eswar 1 replies 1 helpful answers Last Updated: 10 months, 1 week ago
  • Profile photo of eswareswar
    Participant

    We’ve purchased our flat worth 59 lacs in March 2016. At the time of sale due to ignorance of the facts about the tax on sale of property is TDS, I gave the whole amount(59 lacs) to the seller. Recently one of the CA told me that TDS is not applicable for Individuals. Please clarify if I should have deducted TDS on that amount. Also let me know, what can I do now. The seller is still in touch and ready to co-operate.

    Please let me know if you need any more details from me.

  • Profile photo of Rimal AjmeraRimal Ajmera
    Moderator

    Thank you for the questions. Yes you need to deduct the TDS of 1%. Now you have not deducted it and not deposited then in that case you need to pay the interest and penalty on the filling of the form 26 QB and depositing the TDS to the government. if you need assistance please share your email address we will help you.

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