TDS on Property
I had purchased an underconstruction property in May 2013.
The house is in the name of myself and my wife.
This year (April 2016), I get a mail from TDS Intimations:
Subject: CPC (TDS) Follow up: 26QB Statement not yet filed for Purchase of Property during FY 2013-14
Now I have a few questions on this:
1) I have read that both me and my wife have to pay this (both buyers). How do i determine the share. Can it be 100% and 0%? or 50% /50%? There is nothing mentioned in the sales agreement.
2) Is this a demand payment or an intimation. I dont see any amount mentioned anywhere.
3) I believe there is a seperate link for demand payments. Do I use this link or use the normal one .
4) Since the payment where made from 2013-2015 , the fees has added up to 100% of the TDS amount. Is this to be paid.
5) I also have to pay interest.
6) Is my undestanding correct: Since I did not deduct TDS. I have to pay 1% TDS + Interest + Fees (@200 per day) from my own pocket. (FYI - the builder will no longer entertain me).
Really appreciate your help on this.
Awaiting your response.
Also, do I have to pay TDS on payments made before 1st July 2013.