Tax on property purchase more than 50lac

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When purchasing property valued over 50 lacs, there are no direct taxes on the purchase itself. However, you must ensure the source of funds is legitimate and that you are compliant with income tax filings if applicable. A key step involves deducting 1% Tax Deducted at Source (TDS) from the payment made to the seller.

Nim Deepak

Nim Deepak (Querist)
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17 June 2022 Can someone suggest the taxes and process when person buys property more than 50 lacs

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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18 June 2022 No taxes payable on buying the property.
Ensure you have source of income for buying the property and regularly filing income tax return if you have taxable income.