POSTED BY December 19, 2013 8:15 am COMMENTS (6)ON
I am holding 1BHK property in Mumbai and In Sep 2013 I have booked 2BHK property in Pune, on condition that i am going to sell my mumbai 1BHK flat. Basically its parallel deal. I got the buyer in last week for my mumbai property and deal amount is 51L.
My Pune property Agreement cost is 81L and including Stamp Duty, Registration, VAT and Service Tax it goes to 89L.
2 days before i came to know that as per the Section 194-IA if property deal amount is >= 50L then i have to pay TDS. But this amount is not mentioned by Pune builder. As per my understanding buyer will pay the TDS and he will generate the TDS certificate and provide it to the Seller.
My question are ==>
1) If buyer is going to pay TDS then what the seller will do with that TDS certificated which buyer has provided. Is seller also needs to pay something in this case? This question is related to my Mumbai property, As i am seller in that deal.
2) For my Pune property builder has not added TDS component in his rate sheet. Do i need to pay TDS here because i am buyer here and deal is more than 50L?
3) As i am doing this parallel deal it mean i am selling one flat and buying new one at the same time. still this TDS is applicable for me.
4) I checked other builder rate sheet in Pune and NO builder has mentioned this component. If buyer has to pay this and why they are hidding this component? They should mention this in rate sheet same as Service tax, VAT.. etc
5) Can you please tell me what all the taxes that i have to pay while selling property in Mumbai and Buying property in Pune.