1% tds budget 2013

Tax planning 437 views 2 replies

samratsarkar

student

52 Points Joined August 2012

I am planning to sell a residential real estate(house) in 2013 more than 50 lakhs value in India. In order to avoid the new Budget law: TDS 1% tax on the Transaction value (Sale Price) how many many months I have in my hand. What is the last date in the Year 2013 before I need to sell my house to avoid the new 1% TDS ? Please explain experts.

Who pays the 1% TDS ? (buyer or seller)

Replies (2)

Guest

This provision will be applicable in respect of transactions effected on or after 01.06.2013 and TDS shall be deducted by the buyer who will pay money..

Source: https://www.indiantaxupdates.com/2013/02/28/tds-1-on-transfer-of-immovable-property-exceeding-rs-50-lakhs/

samratsarkar

student

52 Points Joined August 2012

Hello Sir, Thanks for answering my question. I agree May 31st is the last date for real estate transaction sale in-order to avoid 1% TDS.

I just want to confirm March 31st 2013 is not the last date ? (April 1 is the Start of the India Govt Financial Year)

Is there any Official source/Govt website that tells all the budget announcements or this particular 1% TDS law will be implementated after May 31st 2013 ?

I have read the following link.

https://www.indiantaxupdates.com/2013/02/28/tds-1-on-transfer-of-immovable-property-exceeding-rs-50-lakhs/