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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



527684
 
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22 Apr

☑ Quarterly | GSTR-3B

GSTR-3B for the Quarter Jan - Mar 2024 (QRMP Taxpayer < 5 Cr - Rule 61) - Category I States.

* State Category I - Chhattisgarh, Madhya Pradesh, Gujarat, Maharashtra, Karnataka, Goa, Kerala, Tamil Nadu, Telangana or Andhra Pradesh or the Union territories of Daman and Diu and Dadra and Nagar Haveli, Puducherry, Andaman and Nicobar Islands and Lakshadweep.

24 Apr

☑ Quarterly | GSTR-3B

GSTR-3B for the Quarter Jan - Mar 2024 (QRMP Taxpayers < 5 Cr - Rule 61) - Category II States.

* State Category II - Himachal Pradesh, Punjab, Uttarakhand, Haryana, Rajasthan, Uttar Pradesh, Bihar, Sikkim, Arunachal Pradesh, Nagaland, Manipur, Mizoram, Tripura, Meghalaya, Assam, West Bengal, Jharkhand or Odisha or the Union territories of Jammu and Kashmir, Ladakh, Chandigarh and Delhi.

25 Apr

☑ Half-Yearly | ITC-04

ITC-04 for the half year (Oct - Mar 2024) (For taxpayers > 5 Cr. Turnover) - Rule 45.

☑ Annual | ITC-04

ITC-04 for the FY 2023-24 (For taxpayers upto 5 Cr. Turnover) - Rule 45.

28 Apr

☑ Monthly | GSTR-11

GSTR-11 for the m/o Mar 2024 (Statement of inward supplies by persons having Unique Identification Number (UIN)).

30 Apr

☑ Annual | GSTR-4

GSTR-4 (Annual Return) for FY 2023-24 by Composite Taxpayer (Rule 62).

☑ Quarterly | QRMP

Last date for opt-in / opt-out QRMP Scheme for quarter Apr - June 2024 (Rule 61A)