CREDAI reaction on 1% TDS

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

Sandeep Mhatre, Mumbai

1st April 2013

Real estate News in Mumbai

credai

real estate developers

1% tds

tax deduction at source

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Replies (5)

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,

4th April 2013

Comment

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,

4th April 2013

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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,

3rd April 2013

Comment

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

Varun,

3rd April 2013

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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,

3rd April 2013

Comment