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TDS on rented property
Q: Is an NRI tenant required to deduct TDS on rent paid for a residential property rented in India?

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Latest Answer: The rules of Tax deduction at source (TDS) for rental property in India changed under the budget 2017 proposals. Effective June 1, 2017, tenants are required to deduct TDS and submit the money to the tax authorities if rental amount is Rs.50000 or more per month. Landlord must provide their PAN details to their tenant. Failure to provide PAN to tenant can result in TDS withholding 20% instead of 5%
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TDS on under construction property
Q: Incase of no deductions with eralier payemnts , can the buyer deduct 1% from the last installments . Is there a penalty for TDS not done for earlier payements

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Latest Answer: Hi, under Income Tax Act, if you make a payment towards purchase of immovable property for an amount of Rs. 5000000 or more than you have to deduct TDS @1%. Hence, in your case even if the property is under construction you are essentially making payment towards purchase of property. So, you will have to deduct TDS on the payment.
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TDS on buying property in INDIA
Q: I have booked an apartment in Elita garden phase 2. Just want to let others know in India above 50L property buyers is supposed to withhold 1% tax and pay 99% on each payment to builders. Elita did not inform about this and accepted 100% payment for few installments. Not sure if anyone out there still not aware about the rule. Penalty is on buyers of not withholding the tax. Elita simple hide it until I inquire about it.

tds on property sale @ 1% under section 194ia
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Latest Answer: Good afternoon everybody!!!!!! As per the Income Tax Act, tax must be deducted at source by the buyer of a property from payments made to a seller who is resident in India. TDS must be deducted on sale of all types of property, except where the property sold is an agricultural land. TDS is applicable when receipts are of more than Rs 50 lakh. This TDS must be deducted 1% by the buyer at the time of making the payment.
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Kolkata Property Tax Property Tax in Kolkata
TDS on properties
Q: what should be taken into consideration in provision of TDS on property?

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Latest Answer: Hi Leena, The buyer of the property is responsible for the Tax deduction of about 1 per cent on the transaction amount.
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Goa Legal Legal in Goa
Taxes payable by seller / buyer on resale property
Q: Dear Sirs,
Suppose I sell a residential flat in 2013 for Rs 1.62 cr approx. (going market rate) which was purchased in 1985 - 1986 for Rs 2.55 lacs:
1) What is the VAT / Service tax / TDS tax / any other tax me / buyer will have to bear / pay (if any)? It seems some new rule is come into effect from June 01, 2013 regarding service tax. I request clarification.
2) What is the long term capital gain tax I have to pay on sale of the flat?

Likewise, if I invest the proceeds of sale in part or full in purchase of residential flat (new / resale) what will be my tax outgo (VAT / Service tax / TDS tax etc)

Thanks,

Shivakumar R Sharma
email:shivakumar_sharma@yahoo.co.in

vat & service tax on new apartment
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Latest Answer: i all, To give buyers relief, the government has allowed income tax deductions if the property is bought on a loan. Under Section 80C, the borrower can claim deduction of up to Rs 1.5 lakh. For a self-occupied property, a Rs 2 lakh benefit is available under Section 24 (b) of the Income Tax Act for interest on the home loan. If the property is not self-occupied, the entire interest paid to the lender can be deducted from income.
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