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Do I need to pay 1% of registration value to IT dept if I buy property
27-Mar-2023 (In Property Law)
I'm planning to buy a property in Hyderabad, I'm new to city. Property (House) worth is above 50L and some are suggesting that as a buyer I need to pay 1% of the registration value to IT department as tax on behalf of seller & produce the same during registration. Some say it is not required. I'm also looking for a lawyer who can prepare my property deed & complete registration process. It would be helpful if you could also provide some estimate for same. Thanks.
Hello sir,
My name is parikshith,
Sir, To be more specific my question is when you say 1 % of Registration, are you talking about TDS (Tax Deductible at Source) to IT Department ? if that is yes then, as a matter general practice TDS is paid by the buyer before registration and same is deducted from seller's total consideration to be paid after prior intimation and TDS receipt and challan of payment of IT Department is handed over to the seller after or before the registration of the property. I can surly help you with the entire documentation process. Please feel free to contact me.
Thanks,
My name is parikshith,
Sir, To be more specific my question is when you say 1 % of Registration, are you talking about TDS (Tax Deductible at Source) to IT Department ? if that is yes then, as a matter general practice TDS is paid by the buyer before registration and same is deducted from seller's total consideration to be paid after prior intimation and TDS receipt and challan of payment of IT Department is handed over to the seller after or before the registration of the property. I can surly help you with the entire documentation process. Please feel free to contact me.
Thanks,
Helpful?
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Adv. Parikshith Kutur
Hyderabad | 25+ Answers
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