15 July 2015
TDS @ 1% is applicable on sale of property valuing more than 50 lacs. The buyer has to deduct from the sale value and pay. This 1% can be adjusted against further tax payments or refund can be obtained by filing return. It is the Rules and as per market practice.
15 July 2015
As per Section 194IA,purchaser of an immovable property (other than agricultural land) worth over Rs 50 lakh is required to pay withholding tax at the rate of 1% from the consideration payable to a resident transferor. The rate at which tax is to be cut is 1%, but it would go up to as high as 20% if the seller does not disclose his permanent account number. This amendment is effective from 1st June, 2013.
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