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Tag Archives: TDS on Property Sale

TDS For Property Sale in India under Section 194-IA

TDS on Property Sale in India under Section 194-IA

TDS for Property Sale that is applicable from 1st June 2013 and is deducted at source on sale of immovable property including land and building (excluding agricultural land). For Tax deduction under Section 194-1A of the IT Act 1961, the cost of the property must be equal to or more than INR 50 Lakhs. As per the new finance bill ... Read More »

TDS FAQ regarding Property Sale in India under Section 194-IA

TDS on Property Sale in India under Section 194-IA TDS on Property Sale that is applicable from 1st June 2013 and is deducted at source on sale of immovable property including land and building (excluding agricultural land). For Tax deduction under Section 194-1A of the IT Act 1961, the cost of the property must be equal to or more than INR 50 Lacs.

1.    What is Withholding tax?  According to the new provision, 1% TDS has to be deducted on the purchasing price by the buyer of the property when a transaction is related to immovable property (except agricultural land). This is only applicable if the selling price of the property is equal to or exceeds INR 50 Lakhs in metro cities and ... Read More »