TAX and TDS Service on Sale of Property
TDS on sale of property is applicable under Section 194-IA of the income tax law. However, buyers and sellers need not worry about TDS implications at all if the property value is up to Rs 50 lakh. On property deals involving more than Rs 50 lakh, TDS on property sale becomes applicable.
Purchase and sale of real estate assets have tax implications. If the transaction value is higher, the property buyer must deduct TDS (Tax Deducted at Source). The following article will go over everything about TDS on property.
TDS on the property is mandatory for real estate transactions worth above Rs 50 lakhs. According to section 194-IA, the TDS rate on the sale of the property is fixed at 1% of the actual sales consideration. If the buyer fails to deduct the tax or both the buyer and seller fail to submit Form 26QB, they will face several legal consequences.
Indian National and NRIs seek advice on the ways to reduce TDS on the sale of property in India. We are serving hundreds of our estemmed clients on TDS matters. kindly write to info@rlsassociates.in
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