Timing of TDS on resale property under constructions
I am buying a under construction property in Bangalore. As per process, I have to pay (1) Give a Token Advance (2) Sign a MOU and pay 10% of sale considerations (3) sign an assignment agreement with the builder, seller (4) Sale Deed registration (this will happen in Jul/Aug’2014).
The total sale consideration of the property is 1.2cr. I would like to know at what stages I should deduct the TDS from the sale considerations and give the TDS to the seller ?
Note: The seller is clearing all the dues to the builder/developers prior to the assignment agreement signing.
Looking forward to your response.