Yet another blow on the Real Estate Sector:
Starting from 1st October 2012 all transferee are required to deduct 1% TDS on the amount of Net Consideration or on the value adopted by the Govt. for the payment of Stamp Duty, where any of the said value exceed Rs. 50 Lakhs in Urban areas and Rs. 20 Lakhs in other areas failing which the Sub-registrar of assurance shall not register the said transaction.
In absence of clarification it is interpreted that the same shall apply in case of a resale property as well as property booked or purchased from the Builders as well.
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