Tds on transfer of immovable properties wef 01.06.2013

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Sandeep

ASST.MANAGER ACCOUNTS

1751 Points Joined March 2012

Tax Deduction at Source (TDS) on transfer of certain immovable properties (other than agricultural land) for value Exceeding Rs.50 Lakh

The Finance Act 2013 had provided that purchaser of an immovable property (other than agricultural land) worth over Rs 50 lakh is required to pay withholding tax at the rate of 1% from the consideration payable to a resident transferor. The rate at which tax is to be cut is 1%, but it would go up to as high as 20% if the seller does not disclose his permanent account number. This amendment is effective from 1^stJune, 2013.

Replies (3)

kapil soni

articled assistant

24 Points Joined July 2011

1. If the seller does not have pan no than what ?

2. what is the last date of payment of tds to Govt.

Sandeep

ASST.MANAGER ACCOUNTS

1751 Points Joined March 2012

Mr. Kapil

If seller has no PAN NO.than rate will be 20% as given in origin above msg and last dt. for payment is 7th of next month in which transaction take place.

rgds

sandeep jha

Neha Sanjay Sarawagi

56 Points Joined November 2010

What will be the liability to deduct TDS when Part payment is done before the applicability of this section?

For Eg. if I have paid Rs. 40 lacs befor 01/06/13 and balance payment of 20 lacs is done after 01/06/2013, will i have to deduct tax on 40 lacs paid earlier?? or only on Rs. 20 lacs.?

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