Maneesh Kumar S
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TDS on under construction property
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.

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