Hi Experts, We (Myself and my wife) bought a property at Wakad, Pune, agreement value for this property is 64,44000/-. This is a resale under construction property. Builder has been bought this property on his wife's name and now we bought this property from his wife. This property is still under construction and now we have made 100% payment to builder's wife after doing assignment deed. previously we were not aware about 1% TDS on property. Now when we check with builder he is saying TDS is not applicable on resale property. Experts can please confirm - TDS is not applicable on a resale property which has cost more than 50L. Thanks & Regards, Anoop Khetan
Regarding 1% tds on resale property
Replies (2)
There is no rule which says 1% tds not applicable on resale. any sale of property above 50lacs tds shall be applicable
Thanks a lot CA Anand.
What is actual rule, as per my information buyer need to give 99% of agreement vales to builder and give 1% to government?
But I have paid 100% amount to builder. In that case what should be the next step, in case builder is denying to pay this 1% TDS.
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