Sale of land
This query is : Resolved
gowrishankar
(Querist)
04 June 2014
One of our client
(ex-A)want to buy building of rupees 60 lakh.
now seller(ex-B) don't want to registeration for 60 lakh, reason is, if he sells more than 50 lakh in registration office they will ask to deduct TDS.
query is...Who is going pay tax or who is going to deduct TDS in this case???
What are the problems from income tax if they registered above land below 50 lakh???
Simranjeet Singh
(Expert)
04 June 2014
The tds is to be deducted by the purchaser @ 1% and the balance amt is to be paid to the seller. Form 26QB is to be filled by the seller
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