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Home > Forum > Bangalore > Legal > Definition of cost for purposes of TDS

Definition of cost for purposes of TDS

Q: Are VAT, development charges, clubhouse charges, sinking fund contribution to be considered as part of cost for reckoning whether the cost exceeds Rs50lakhs?

tds scheme
tds payment
tds on property sale @ 1% under section 194ia
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Replies (3)
1
Thanks for sharing the information. Me and my brother has bought a property for Rs 70 lakhs. But both of us have paid Rs 35 lakhs each. Do we have to pay the TDS as the property rate exceeds rs 50 lakhs or not?
Omar Khureshi


Hello Omar, if the property price exceeds more than Rs 50 lakhs in any case whether there is more than one buyer or seller. It is mandatory to pay 1 percent TDS on property sale under section 194IA.
Kanthi Sridhar,  Bangalore
30th January 2014


2
I have a confusion... I want to know if I am buying a property for Rs 90 lakhs. Do I have to pay the TDS on the extra Rs 40 lakhs or I have to pay the TDS on the whole amount. Need suggestion
Vaibhav Bhatnagar


Hey Vaibhav. You have to pay 1 percent TDS on the whole amount ( i.e Rs 90 lakhs)
Kanthi Sridhar,  Bangalore
29th January 2014


3
Hello Vijayan, The amount for which you will get your property registered on that you will have to pay the TDS. Thank you.
Kanthi Sridhar


4

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