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
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Tds on purchase of property
Replies (5)
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
I agree with Kaardaata completely.
I ALSO AGREE WITH ms Rinkal.
Ca pvvittal.
for payment go to www.tin-nsdl.con, - service- epayment- F26QB- quote correct PAN of transferer and transferee-
Form 16B and Form 26QB, no requirement of TAN
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