Tds on sale consideration (Income Tax)

This query is : Resolved

Author : Anonymous

( Author )
26 June 2012

SIR, ONE OF MY RESIDENT CLIENT,INTENDS TO PURCHASE THE HOUSE PROPERTY FOR THE VALUE OF Rs.1.5 CRORE,IS MY CLIENT DUTY BOUND TO DEDUCT THE TAX (TDS) FROM THE SALE CONSIDERATION?

PL CLARIFY

Siddhartha Bhardwaj

( Expert )
26 June 2012

The provision requiring buyer to deduct TDS at the time of purchase of property has been dropped and has NOT been made applicable.

Accordingly, the buyer is NOT required to deduct TDS.