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TDS on Sale of Immovable Property other than Agriculture Land

  • Tax needs to be deducted @ 1% on purchase value of immovable property if the same exceeds Rs.50 Lakhs per property.
  • If the seller doesn't have PAN, tax needs to be deducted @ 20% instead of 1%
  • The buyer of the property needs to deduct tax before making the payment to the seller
  • This new rule is brought into effect from 1st June 2013
  • Both residential and commercial property are covered under this provision

Please note:
The above information is not comprehensive and is not intended in any form as a legal opinion. We have touched upon the salient points of the provision and we advise you to avail professional assistance before entering into a transaction as envisaged above. If you need any further information, please feel free to mail us at prasad@balakrishnaandco.com