Navi Mumbai | 11 Nov, 2021 (1 year, 6 months ago)

Property Law

TDS on property purchase

I am purchasing a resale CIDCO flat in Navi Mumbai, MH. The agreement value is 63.75 lakhs. We have applied for a loan of Rs. 60 lakhs for which the process is in progress. Had paid a token amount of Rs 1 lakh and RS. 211250 as a down payment to the seller. 1% of the agreement value which is Rs 63750 has been deducted for the payment of TDS on Property purchase as applicable. There are two agreements required for CIDCO - Agreement for Sale and Deed of Confirmation. We had done the first one - that is Agreement for Sale. My query is regarding TDS on Property purchase payment. Payment to the seller would be in 3 stages - Token amount, Down payment, and Loan disbursement. I have been advised by a lawyer to pay the TDS within 30 days of the Agreement for Sale which is done. He is charging extra charges for assisting wit TDS payment. Can I pay the the TDS on entire agreement amount (Rs. 63.75 lakhs) by selecting the lumpsum option on the concerned portal? Can I put the date of payment as date of the Agreement for sale? If I do so, wouldn't there be any problems later as the payment in actuality is not as lumpsum & the payments date will be different from the Agreement for Sale?

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