Question ID :
tds u/s 195 on sale of long term property
what is the consequence on buyer for non deduction of tds u/s 195 for 1cr?
seller being a nri has sold a property of rs 5 cr on a agreement to sell dated 26.04.21 and taken adv of rs 1 cr dated 26 april 21 and applied for lower deduction of tds in form 13 on 30 april 21.
now lower ded cert comes of amt 4 cr only instead of 5 cr.
now buyer has ded tds on whole 5 cr amt at a lower ded as mentioned in lower ded cert.
will buyer be liable to deduct tds at normal rate as per sec 195 on 1 cr or at lower rate itself.
if on 1 cr tds at lower rate ded instead of whole rate as mentioned in 195 then what consequences buyer wl bear?
Jun 15 2021 12:00AM