TDS on Immovable Property
This query is : Open
21 September 2017
What happens if TDS is not deducted by buyer and remitted to seller if property value is 50lakhs.Then who has to pay the TDS, will the seller be liable to remit the tax?
21 September 2017
Buyer is liable to deduct TDS from the sale consideration and pay it and file tds return on time. If not done, then the buyer is liable to pay interest on late payment @1 per month till the TDS is paid.
If TDS was deducted but not remitted to the IT dept ,1.5% per month will be charged.
Seller has no liability in TDS aspect.
If TDS was deducted but not remitted to the IT dept ,1.5% per month will be charged.
Seller has no liability in TDS aspect.
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22 September 2017
Thank you sir, Sir how will the department track the buyer that respective person has to deduct the TDS
22 September 2017
Department aill identify by the Registration of the property, transaction from your bank account, and the seller will also show capital gain from the sell of property
23 September 2017
Thank you sir
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