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How can the TDS be calculated on basis of price of the property
08-Jan-2023 (In Tax Law)
Hi, on purchase of a flat of value more than 50 Lakhs, how to calculate TDS? Whether it is 1% of base price + amenitie + corpus + advance maintenance or it needs to be 1% of base price + amenities?
TDS on property purchased is 1% of the total sale consideration where the sale consideration is more than Rs. 50 Lakhs.
The tax will be on the total sale consideration that is reflected in the sale deed or an agreement thereto.
As the TDS itself denotes tax deducted at source the tax has to be paid before the sale consideration is paid to the seller of property. If the total consideration being paid is in installments then the tax proportionate to the installments being paid is to be deducted before the installment is paid.
As to the procedure on paying TDS on sale of property follow the link given below -
http://incometaxindia.gov.in/pages/tds-sale-of-immovable-property.aspx
The tax will be on the total sale consideration that is reflected in the sale deed or an agreement thereto.
As the TDS itself denotes tax deducted at source the tax has to be paid before the sale consideration is paid to the seller of property. If the total consideration being paid is in installments then the tax proportionate to the installments being paid is to be deducted before the installment is paid.
As to the procedure on paying TDS on sale of property follow the link given below -
http://incometaxindia.gov.in/pages/tds-sale-of-immovable-property.aspx
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Adv. N M Khundmiri
Hyderabad | 25+ Answers
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