1% TDS aplicability when purchasing property by DRT
This query is : Resolved
18 October 2023
I have purchased a property of worth 90 Lkhs from DRT Auction.As per TDS On Sale Of Property above 50 Lakhs i have to deduct 1 % tax and deposit to IT department on behalf of Seller.Banker(DRT also) is not allowing to deduct 1 % tax from auction price.
is there any exemptions for 1% income tax deduction under TDS On Sale Of Property by DRT Court.
Thanking you in advance.
is there any exemptions for 1% income tax deduction under TDS On Sale Of Property by DRT Court.
Thanking you in advance.
19 October 2023
No exemption deduct 1% in the name of the owner of the property.
19 October 2023
Thanking you Sir for your quick reply,
here the owner means Bank(DRT)/Defaulter.plz clarify.
Iam paying to the bank as per E-Auction conducted by DRT.
Some sources are telling that in the public auction conducted by DRT.It is not required to pay the 1%
here the owner means Bank(DRT)/Defaulter.plz clarify.
Iam paying to the bank as per E-Auction conducted by DRT.
Some sources are telling that in the public auction conducted by DRT.It is not required to pay the 1%
19 October 2023
It's only defaulter. You can also not to deduct if objected by bank.
20 October 2023
Thanking you sir,
But SRO not registring site in my name without paying 1% TDS.
as per IT Act 194-IA section also it is the responsibility of the purchaser to pay the 1% IT dept.9for above 50 lakhs transactions)
But SRO not registring site in my name without paying 1% TDS.
as per IT Act 194-IA section also it is the responsibility of the purchaser to pay the 1% IT dept.9for above 50 lakhs transactions)
20 October 2023
In such a case of the bank is not acceptable for 1% reduction you have to bear the 1%.
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