Tds on immovable property
This query is : Resolved
20 March 2012
Sir,
In this budget, there is provision that TDS has to deducted by purchaser on Immovable property if the sale consideration is above 50 lakh in specified urban areas or 20 lakh in any other area.
Now question is that, a salaried person like me is going to purchase a under construction flat then before that whether i have to get TAN from Income tax, and then i have to purchase a flat?
I also want to know whether this is applicable for the transaction if i purchase a resale flat from an individual?
In this budget, there is provision that TDS has to deducted by purchaser on Immovable property if the sale consideration is above 50 lakh in specified urban areas or 20 lakh in any other area.
Now question is that, a salaried person like me is going to purchase a under construction flat then before that whether i have to get TAN from Income tax, and then i have to purchase a flat?
I also want to know whether this is applicable for the transaction if i purchase a resale flat from an individual?
21 March 2012
You dont need to get TAN, there is a different challan which you have to fill while depositing the TDS.
TDS is to be deducted even if you purchasing a resale flat from individual.
TDS is to be deducted even if you purchasing a resale flat from individual.
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