GST Library
Login | Register
About GST Library
Subscription
GST News
GST Calendar
GST Case Laws
GST Notifications
GST Act / Rules
GST Rates
Classification by CTA
GST Set-off Calculator
GST Forms
Full Site Search
E-way Bill
Finance Bill
GST Videos

GST e-Books

GST Domains Sale New

TaxReply India Pvt Ltd
TM
Free Daily GST updates on...
twitter
8882663036
Post your Query? (Free)
View all Queries? (Free)
Have a written opinion? (Paid)

TDS on property sale


I have a query regarding the TDS on my property. I have a home loan linked with the property and the outstanding is 23 Lacs.

I sold my property to a buyer who is transferring the home loan from the same bank. The total sale value of the house is 37 lacs and the stamp duty he is paying is on this amount. However, the sale agreement executed for 67 lacs and was provided to the bank with the condition to repair and renovate for remaining 30 lacs. So, total 37 lacs is the cost of the house and 30 lacs is the renovation charges.

Bank is providing a total of 55 lacs loan to the buyer, in which my outstanding balance of 23 lacs will be deducted and I will get 32 lacs.

Now, is it required to pay TDS as the total as per sale agreement is 67 lacs or not required as per sale deed it is 37 lacs. Or is it not required because the bank is deducting my outstanding loan and the amount I receive falls under 50 lacs. Please help with the response.

By: SURYA



583429