Hi All, it is clear that sale of property at Rs. 50 lac and above attracts 1% TDS.
My question is:
1. When the buyer's bank for home loan is remitting directly to seller's bank for home loan, will it also undertake to remit TDS ?
2. The amount disbursed by buyer's home loan bank is Rs. 49.50 lacs to the seller's home loan account, will Rs. 0.50 lac to be remitted as TDS will form part of total consideration of Rs. 50 lacs?
3. What would be the template insertion in the sale deed to document this TDS transaction?