House property

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student
333 Points Joined February 2016
I am going to buy House property in chennai which costs RS.1 crore.For which I am going to take housing loan of 20 Lakhs .Also I will sell residential land for 30 Lakhs.I want to know TDS to be deducted for 1. Pur of house property at what rate 2. Sale of residential land at what rate 3. How to treat housing loan when filing ITR?
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On 22 January 2019 at 15:06 Report
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1. If you are buying property from a resident, deduct TDS @ 1%

2. If the land sold is a long term asset, you can claim deduction u/s 54F. provided on the date of transfer you do not own more than one residential house property. 

3. I am assuming you are buying ready house. In that case. You can claim the principal on repayment of housing loan u/s 80C  upto 1.5 lakh and interest u/s 24b as deduction 

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On 23 January 2019 at 10:14
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student
333 Points Joined February 2016
I am buying property from resident and 1 % tds . I (buyer) or seller of the property should deduct and file it by form no 26QB
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On 23 January 2019 at 15:26
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It is the buyer's duty to deduct tds
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On 23 January 2019 at 15:41
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student
333 Points Joined February 2016
Thank you very much
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On 23 January 2019 at 15:50


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