TDS on Immovable Property

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sai sindura (Querist)

21 September 2017 What happens if TDS is not deducted by buyer and remitted to seller if property value is 50lakhs.Then who has to pay the TDS, will the seller be liable to remit the tax?

K Srinivas, CMA CS

K Srinivas, CMA CS (Expert)

21 September 2017 Buyer is liable to deduct TDS from the sale consideration and pay it and file tds return on time. If not done, then the buyer is liable to pay interest on late payment @1 per month till the TDS is paid.

If TDS was deducted but not remitted to the IT dept ,1.5% per month will be charged.

Seller has no liability in TDS aspect.

Message likes : 1 times

sai sindura

sai sindura (Querist)

22 September 2017 Thank you sir, Sir how will the department track the buyer that respective person has to deduct the TDS

Ashiwini Ballodia

Ashiwini Ballodia (Expert)

22 September 2017 Department aill identify by the Registration of the property, transaction from your bank account, and the seller will also show capital gain from the sell of property

sai sindura

sai sindura (Querist)

23 September 2017 Thank you sir

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