TDS ON SALE/PURCHASE OF PROPERTY:
TDS is required to deduct irrespective of type of property whether it is land or building or vacant plot, residential or commercial or industrial property. If GST is levied on transaction value for purchase of property, then TDS would be deducted on the amount excluding GST amount.
As per the provisions contain in sec
194-IA of Income Tax Act, 1961 if any buyer responsible for paying to a
resident seller any amount exceeding or equal to Rs. 50 Lakh for sale of
immovable property other than agricultural land, then the buyer is required to
deduct TDS @ 1% of consideration for transfer of immovable property.
0 Comments