Ritesh
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TDS for property above 50L with Home Loan
Q: Hi, I have purchased a property for 56L. I have gone in for 80% Home loan. I have been reading forums about the 1% TDS which is applicable. Last week I had my registration done but there was no questions asked on the TDS. I had also asked a couple of brokers in the Sub Registrar office if 1% TDS is really being collected. Most said no. However today the bank from which I took the loan asked if I paid the TDS - they said without me paying TDS they cannot release the loan amount to the builder. Can some one throw light on the procedure of tds payment when going in for home loan? Also I need clarity if they builder should get 99% of property value and I pay the 1% to government? Or is it 100% of property value to builder plus 1% of property value to government?

Latest Answer: Hello Ritesh...if you are is going for property above 50 lakhs you have to pay TDS 1% . It is important to obtain the Permanent Account Number of the seller from whom such tax is being deducted at source. If the seller of the property do not have PAN Card, TDS would be deducted at 20 per cent.

Life at rainbow vistas? Questions to residents..
Q: All, I went there on the 1st April 2013, I was pretty impressed by their plan and layouts. I wanted to make a booking - However there are a few things I am concerened about: a) This property is in the middle of no where. There are no grocery stores near by, no means of public transport - like auto etc. b) When i visited the site - The 1st building was already complete and 400 flats have been handed over. However only 250 flats were occupied out of 400. Wonder why? Folks already living there - some questions for you: c) Every one needs a maid nowadays. But since this site is in the middle of no where - I am concerned about the availability of maids. d) I read in this forum that - this area's water is contanimanted. Are any of you facing water contamination/availability issues? e) Do school busses come to this site? Are there any good schools around ? f) Any other issues after practically living there? -Ritesh

Latest Answer: Hi ritesh..personally i think..1 km is not a big distance.Every are takes its own time to develop. Very soon one will be able to find grocery shops etc nearby. By the way are there any more residential projects nearby..?

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