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TDS on Purchase of Property A Complete Guide

TDS stands for Tax Deducted at Source, which means that tax is deducted right at the source of income. Here is a detailed understanding of TDS on the Purchase of Property. Check out our detailed PPT/PDF for more information. https://www.pnbhousing.com/blog/tds-on-purchase-of-property/

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TDS on Purchase of Property A Complete Guide

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  1. TDSonPurchase of Property: A CompleteGuide

  2. STUDIOSHODWE Properties Covered Interestingly,thepowertodeductTDSonaproperty purchaselieswiththebuyer,nottheseller.According toSection194IAoftheITAct,thebuyermustdeduct 1%ofthesaleamountforapropertycostingabove ₹50Lakh.

  3. Scopeofsection 194-IA Section194-IAprovidesthatanyperson,beingatransferee, responsibleforpaying(otherthanthepersonreferredtoin section 194LA) to a resident transferor any sum by way of consideration for the transfer of any immovable property (otherthanagriculturalland)shalldeductanamountequal to one percent of such sum as income-tax at the time of creditofsuchsumtotheaccountofthetransferororatthe time of payment of such sum in cash or by the issue of chequeordraftorbyanyothermode,whicheverisearlier.

  4. DetailsRequiredforTDS Payment EveryindividualdeductingTDSmustobtainaTAN(TaxDeductionAccountNumber).However, thebuyersdonotneedaTANforTDSonPurchaseofProperty.Whilefillingouttheform,they must submit both parties’ names, addresses, and contact details, along with the property’s completeaddress,dateofagreementandpayment,andtotalvalue.AftercompletingtheHome Loaneligibilitycriteria,buyerscanmaketheTDSpaymentphysicallyatthefinancecompanyor onlinethroughnetbanking.

  5. STUDIOSHODWE WhenTDSDeductionisNot Necessary TDSdeductionisnotnecessaryunderthefollowingcircumstances: Iftheproperty’sstampdutyvalueorsaleconsiderationisbelow₹ 50 Lakh Ifthepropertyisanagriculturalland IfthesellerisanNRIandSection195isapplicable

  6. ThanYo HTTPS://WWW.PNBHOUSING.COM/BLOG/ TDS-ON-PURCHASE-OF-PROPERTY/

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