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TDS on Purchase of immovable property Property guide


MANOJ SHARMA

2013-10-15

TDS on property

•As per Finance Bill of 2013, TDS is applicable on sale of immoveable property wherein the sale consideration of the property exceeds or is equal to Rs 50,00,000 (Rupees Fifty Lakhs).

 

•Sec 194 IA of the Income Tax Act, 1961 states that for all transactions with effect from June 1, 2013, Tax @ 1% should be deducted by the purchaser of the property at the time of making payment of sale consideration.
 
Payment of Tax
 

Tax so deducted should be deposited to the Government Account through any of the authorized bank branches using the e-Tax payment option available at NSDL

E-payment

 

•E-Payment facilitates payment of taxes online by taxpayers.

 

  Pre-requisite

–To have a net-banking account with any of the Authorized Banks
–For list of authorized banks, please refer here
 
Steps to pay tax online
 
Log on to NSDL-TIN website
 
TDS on Purchase of immovable property Property guide
 
Steps to pay tax online
 
•Under TDS on sale of property, click on the option “Online form for furnishing TDS on property”
 
TDS on Purchase of immovable property Property guide
•Select Form for Payment of TDS on purchase of Property
 
TDS on Purchase of immovable property Property guide
 
 
Steps to pay tax online
 
TDS on Purchase of immovable property Property guide
 
TDS on Purchase of immovable property Property guide