In case of Purchase of Property what is the ceiling of TDS deduction. Whether the Purchaser has to Deduct the TDS for the same and in case of TDS depositing which Section is applicable and how to deposit the same into the bank. Please reply
Bhavesh (Accounts) (899 Points)
01 October 2015In case of Purchase of Property what is the ceiling of TDS deduction. Whether the Purchaser has to Deduct the TDS for the same and in case of TDS depositing which Section is applicable and how to deposit the same into the bank. Please reply
Udgam Koomar
(Tax Technologist)
(1949 Points)
Replied 01 October 2015
Under section 194IA, all immovable property transactions over Rs 50 lac, It is compulsory to deduct TDS on Property Sale @ 1% of Total Transaction Value. Buyer will deposit the TDS with Govt without TIN. You can deposit online and for the same check details here at https://www.incometaxindia.gov.in/Pages/tds-sale-of-immovable-property.aspx
sadashiv Rupchand Gaikwad
(Proprietor)
(521 Points)
Replied 03 October 2015
for payment go to www.tin-nsdl.con, - service- epayment- F26QB- quote correct PAN of transferer and transferee-
Jishnu Surendran
(Finance Manager)
(312 Points)
Replied 08 October 2015
Form 16B and Form 26QB, no requirement of TAN
CAclubindia
