Q:Lanco is asking me to pay TDS- 1% of the total payment done to the company by me, the payment is to be done to Lanco against the PAN card of Lanco, Who is supposed to pay this? Buyer or builder?Link for referrence.http://moneyplantconsulting.net/blog/2014/06/16/pay-1-tax-tds-if-you-are-buying-a-property-worth-rs-50-lakhs-or-more/
Latest Answer: The responsibility to deduct TDS on Property Sale rests solely with the Buyer even if it is financed by Home Loan or property is purchased from the builder. In some cases, Bank can deduct TDS on property from disbursement and help in depositing TDS on buyers behalf but they are not obliged to do so. You have to give written request to Bank for the same.
