Q:Incase of no deductions with eralier payemnts , can the buyer deduct 1% from the last installments . Is there a penalty for TDS not done for earlier payements
Latest Answer: Hi, under Income Tax Act, if you make a payment towards purchase of immovable property for an amount of Rs. 5000000 or more than you have to deduct TDS @1%. Hence, in your case even if the property is under construction you are essentially making payment towards purchase of property. So, you will have to deduct TDS on the payment.
