Tds on purchase of property
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
23 February 2015
Whether buyer need to deduct TDS on purchase of property if the before-discount value is more than 50.00 lacs and after discount value is less than 50.00 lacs ?
Builder is not giving any clear answer.
Builder is not giving any clear answer.
23 February 2015
If the consideration for transfer of property is Rs.50.00 lakhs and above, the buyer, who pays consideration to the seller, has to deduct TDS @1% of the amount of the consideration and pay TDS with PAN of the seller. TDS is to be made on the advance amount also prior to registration.In case of TDS on such transfers, no TDS return is required to be filed. Challan form is FORM 26 QB. No need to obtain TAN also
24 February 2015
tds is deductible only if you are paying more than Rs.50 lakhs
24 February 2015
you have to take sales consideration if exceeds rs. 50 lacs then tds applicable otherwise note.
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