TDS-Immovable Property

1% TDS Applicable if it is more than 50 lakh .

1% TDS Applicable if it is more than 50 lakh .

Please check whether the board authorities are exempt from tds ..........

Yes, TDS (Tax Deducted at Source) is applicable under Section 194IA of the Income Tax Act on the purchase of immovable property from Housing Board. Section 194IA requires the buyer of the property to deduct TDS at the rate of 1% of the sale consideration if the value of the property being purchased is more than Rs. 50 lakhs.

It is important to note that the TDS deducted under Section 194IA needs to be deposited with the government within a specific time frame and a TDS certificate needs to be issued to the seller of the property. Failure to comply with these requirements may result in penalties and interest being levied on the buyer.

Immovable property TDS -1 % Above 50 lakhs