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Selling of residential property

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Querist : Anonymous

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Querist : Anonymous (Querist)
26 June 2012 I am a PIO based in London. I am planning to sell a residential flat in Mumbai. I am aware that 20.6% TDS will be deducted by the buyer. I wanted to understand whether this 20.6% will be deducted on the profit on sale or the selling price?
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CA Siddhartha Bhardwaj

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CA Siddhartha Bhardwaj (Expert)
26 June 2012 The provision requiring the buyer to deduct TDS at the time of purchase of property has NOT been implemented and has been scrapped.

Accordingly, TDS will NOT be deducted by the buyer the time of purchase.
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