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Home > Forum > Goa > Legal > TDS on properties

TDS on properties

Q: what should be taken into consideration in provision of TDS on property?

legal aspects
tds on property
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Replies (4)
1
Hi Leena,
The buyer of the property is responsible for the Tax deduction of about 1 per cent on the transaction amount.
James Desouza


thanks james, can u please tell me what document is required for TDS on Properties?
Leena,  Goa
5th January 2015


thanks james, can u please tell me what document is required for TDS on Properties?
Leena,  Goa
6th January 2015


Apart from the transaction details, in addition to the basic information of the buyer and seller, the buyer is required to furnish the copies of PAN of both buyer and seller at the time of filling the Form 26QB. A bank challan along with the Form 26QB is required for depositing TDS through offline method at authorised bank branches.
James,  Delhi
6th January 2015


2
This provision is applicable to all those transactions effected on or after June 1, 2013.Tax deduction at source on transfer of any immovable property exempts rural agricultural lands.A person deducting TDS on Property is not mandatorily required to possess a TAN No.
James Desouza


Who is liable for TDS during property transactions?
Leena,  Goa
5th January 2015


3
Hi,
According to The Finance Bill 2013, all sale transactions related to transfer of any immovable property, with the consideration amount exceeding Rs 50 lakh demands a tax deduction of about 1 per cent of the transaction amount by the transferee (buyer) at the time of credit or at the time of payment through all mediums.
Mark


4
Hi,
With the introduction of Section 194-IA in The Finance Bill 2013, here comes the new provision of Tax Deduction at Source on Property transfers.
James Desouza


5

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