1% tds real estate budget 2013

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student
32 Points Posted on 02 March 2013

 

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 of 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)
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On 02 March 2013 at 11:10 Report
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Accounts Manager
26 Points Posted on 02 March 2013
Originally posted by : samratsarkar


 

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 of 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)

The buyer will deduct 1% from payment & pay TDS with Seller's PAN no. in challan

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On 02 March 2013 at 22:28
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Article Assistant
22 Points Posted on 03 March 2013

Hi, you will have to sell the house before 1st June, 2013 in order to stay away from TDS provisons.
Always remeber, TDS is Deducted by the One WHO MAKES PAYMENT. SO, The TDS will be deducted by the buyer, which will be deposited in your PAN.

Hope this will help you.

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On 03 March 2013 at 00:51
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student
32 Points Posted on 03 March 2013

 

Thanks for answering the question.
Why not March 31st 2013 is the last date to avooid 1% real estate sale TDS ?
(April 1st is the start of the India Govt Financial Year) 
I agree May 31st is the last date for real estate transaction sale in-order to avoid 1% TDS.
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 ? 
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On 03 March 2013 at 05:27

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