TDS on immovable property

222 views 7 replies
NRI buying house property in india for 9700000. Paid adv 20lakh on Feb 2020 and 20000 tds deducted.For balance 77 lakh is to be paid to seller on November 26 , 2020. what is the tds rate applicable ? 1% or 0.75%.
Replies (7)
Now this is a seperate tax collected by the govt. authorities.
What is tds rate ?
Sec 194 IA IF THE VALUE OF THE PROPERTY IS MORE THAN 50 LACS.

1%
1% tds rate applicable
and can get deduction too as per80c
Under Section 194-IA of the Income Tax Act 1961, TDS @ 1% is deducted from Payment for acquisition of Immovable Property. However due to the ongoing pandemic situation, the Rates of TDS has been reduced by 25% for the period 14th May 2020 to 31st March 2021 for certain non-salaried payments, inorder to increase liquidity in the hands of the peoples during these testing times.

As per Press Release dated 13th May 2020 issued by the Central Board of Direct Taxes ( CBIC ), the benefit of 25% reduction in TDS Rates will also be applicable on Payment for acquisition of immovable property U/s 194-IA of the Income Tax Act 1961. Hence the Net TDS to be deducted from the balance payment of Rs. 77 lakhs would be 0.75%, as it falls within the specified period.
TDS rate 0.75%...
Notification no. please

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Company
ARTICLESHIP 11 July 2026
Article

SNCO

Mumbai

CA Inter

View Details
Company
06 July 2026
Chartered Accountant (Indirect Taxation)

Gowra Ventures Pvt Ltd

Hyderabad

CA

View Details
Company
05 July 2026
Financial Controller

NovumLake Partners

Mumbai

CA

View Details
Company
ARTICLESHIP 08 July 2026
Articles

AJAY SINGH AND CO LLP

Thane

CA Final

View Details
Company
22 June 2026
Accountant

Global Image Technologies Private Limited

New Delhi

MBA

View Details
Company
ARTICLESHIP 30 June 2026
Taxation Content Writer Intern

Interactive Media Pvt Ltd.

New Delhi

CA Inter

View Details
Company
ARTICLESHIP 30 June 2026
2 posts Article assistant and Articleship completed students

Chirag N Shah & Associates

Mumbai

CA Inter

View Details
Company
ARTICLESHIP 30 June 2026
Article Assistant or Paid Assistant

VIKAS VERMA & CO

New Delhi

Others

View Details