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No TDS on interest paid as compensation

The Commission warned the builder not the deduct tax at source on the interest as it was awarded as a form of compensation

Jehangir B Gai 

Jehangir B Gai

Nexgen Infracon failed to given possession of flats to its buyers, so they approached the National Commission with individual complaints. In the lead case filed by Anil Kumar Jain, the builder had issued an allotment letter on September 18, 2013, stating that the total price of the flat with a super built-up area of 3,430 sq ft would be Rs 1,61,27,631.

It also noted that endeavour would be made to give possession by February 1, 2016, or latest by December 31, 2016 and if delayed further, a monthly compensation of Rs 5/sq ft would be paid by the builder. The builder kept ...

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First Published: Wed, December 25 2019. 22:17 IST
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