Tds on sale of imm.property

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MANAGER ACCOUNTS
187 Points Posted on 03 August 2021
dear expertise, can we deduct tds more than 1% on sale of immovable prty
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On 03 August 2021 at 21:53 Report
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This discussion clarifies whether TDS can be deducted at a rate higher than 1% on the sale of immovable property. While the general rule is 1% for sales over £50,000, exceptions exist, particularly for NRI sellers. Deducting more than the prescribed rate is permissible and won't cause issues with tax authorities, though it may tie up funds unnecessarily for the seller.

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2478 Points Posted on 03 August 2021
Why you want to deduct more than 1 percent, on sale of immovable property more than 50,00,000/-
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On 03 August 2021 at 22:00
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MANAGER ACCOUNTS
187 Points Posted on 03 August 2021
Seller asking to deduct more,pzl
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On 03 August 2021 at 22:21
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2478 Points Posted on 03 August 2021

So, one should go by act or statement of seller??

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On 03 August 2021 at 22:24
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MANAGER ACCOUNTS
187 Points Posted on 03 August 2021
If go by seller statement accordingly any problem???sir
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On 03 August 2021 at 22:56
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791 Points Posted on 04 August 2021
I think you deduct the tds more than1 %
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On 04 August 2021 at 00:17
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MANAGER ACCOUNTS
187 Points Posted on 04 August 2021
Yes sir, any probem
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On 04 August 2021 at 08:38
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379 Points Posted on 04 August 2021

Only in case of NRI seller you can deduct more as per provision. 

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On 04 August 2021 at 12:18
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CMA
13117 Points Posted on 04 August 2021

No problem for the dept if you deduct and pay in excess. But it would be an unnecessary blockage of fund for the assessee.

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On 04 August 2021 at 13:38
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MANAGER ACCOUNTS
187 Points Posted on 04 August 2021
Thank you all
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On 04 August 2021 at 14:16

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