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Home > Forum > Mumbai > Real estate News > CREDAI reaction on 1% TDS

CREDAI reaction on 1% TDS

Q: Hi..all..what is the reaction of CREDAI on 1% TDS proposal..?? Are they happy..??

credai
real estate developers
1% tds
tax deduction at source
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Replies (5)
1
Hi Vinu..there are certain aspects which are not cleared...Some are waiting for clarity on these aspects of this proposal while the regulator body is completely against this proposal
Sam Pawel


2
The developers will also suffer with this step.They may also face administrative issues as they have to claim the TDS in return of income with thousands of TDS certificates collected.
Varun


3
Hi Varun and Sam,,i have one question..suppose i have booked an unreconstructed flat over Rs 50 lakh before April 1, 2013. who will deduct tax, the buyer or the bank ? It is because the my payment is made directly by the bank.
Vinu S


4
yes the realtor body feels that this budget proposal will result in more complexities and harassment of consumers.
Varun


5
Hi Sandeep..I don't think so they are happy..i recently read that. CREDASI is seeking withdrawal of the budget proposal to impose 1 % tax deduction at source (TDS) on any property deal other than agriculture land completely.
Sam Pawel


6

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