Regaring Tax levied on purchase of property above 50 lacs
My query is regarding the income tax levied on buying of property above 50 lacs.
Please see below the details of my case.
1. I bought a flat rated above 50 lacs in the month of january 2013.
2. The full payment of this ready to move in flat was paid by march 2013.
3. Registry was delayed because the flat was not ready for possession and some work was to be done on that.
3. in June 2013 the 194-IA was put in force by the government.
4. After June the registry was done for the flat. where we dicussed the 1% tax that was to applied to us or not.
5. The builder said you donot need to pay anything.
6. Now i have got an email as a TDS initmation and asking for the tax payed on the immovable property.
Can you please let me know the following.
1. In my case, does it qualify for the 1% tax submission?
2. if not, who should pay the 1% percent tax?
3. what if the builder disagrees to pay the tax?
Any other advice from your experience would be huge favor.
Thanking you in advance and anticipating a reply from you.