21 September 2017
What happens if TDS is not deducted by buyer and remitted to seller if property value is 50lakhs.Then who has to pay the TDS, will the seller be liable to remit the tax?
21 September 2017
Buyer is liable to deduct TDS from the sale consideration and pay it and file tds return on time. If not done, then the buyer is liable to pay interest on late payment @1 per month till the TDS is paid.
If TDS was deducted but not remitted to the IT dept ,1.5% per month will be charged.
22 September 2017
Department aill identify by the Registration of the property, transaction from your bank account, and the seller will also show capital gain from the sell of property
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