Tds on sale of property
This query is : Resolved
27 May 2019
My client has purchased a property worth 1.20 Cr (no of sellers : 3) sold by 3 brothers jointly, is TDS applicable on sale of Property
as there are 3 sellers and each one receiving sale consideration of less than 50 lakhs.
as there are 3 sellers and each one receiving sale consideration of less than 50 lakhs.
27 May 2019
Here are the requirements for the TDS on sale of property.
The buyer has to deduct TDS at 1% of the total sale consideration. Note that the buyer is required to deduct TDS, not the seller.
No TDS is deducted if sale consideration is less than Rs 50lakhs. If installments are being paid TDS has to be deducted on each installment.
Tax is to be paid on the entire sale amount. For example, if you have bought a house at Rs 55lakh, you have to pay tax on Rs 55lakh and not on Rs 5lakh (i.e. Rs 55lakh – Rs 50lakh). This is applicable even when there is more than 1 buyer or seller.
28 May 2019
In Vinod Soni Vs. ITO, the Delhi Tribunal decided on 10-12-2018 that 50 Lakhs
exemption is applicable with respect to the amount related to each co-owner
transferee and not with respect to amount per sale deed.
exemption is applicable with respect to the amount related to each co-owner
transferee and not with respect to amount per sale deed.
Message likes :
1 times
28 May 2019
Thanks a lot B.Chakrapani Warrier for updating the knowledge
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- CG Tax On residential property
- Post Office RD Interest
- Applicable TDS for Purchase of Flat from NRI
- Eway bill for machinery reparing
- Building and other construction workers welfare cess act 1996
- Gift of mutual fund units to daughter
- Bank Accounts in Balance Sheet for ITR 3
- ITR 3 FILING OF AN INDIVIDUAL (PARTNER IN A PARTNERSHIP fIRM)
- Annual return of gst limit
- Form 10BD Filling
- Error while filling exam form November 2026
- Delisted shares sold in off market/ Rebate u/s87A
- In Exports Sales HSN details where to fill
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- Difference in tax comparison report
- Gst invoice numbering and delivery challan numbering
- Sales amount in Gstr1
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
