property
This query is : Resolved
15 March 2018
Dear team please tell me ... I purchase a flat which value of 1 cr. is we have to pay the tds on thay value if yes how please explain
15 March 2018
you have to deduct TDS sale consideration of the property exceeds or is equal to Rs 50,00,000 (Rupees Fifty Lakhs). Sec 194 IA of the Income Tax Act, 1961 states that for all transactions with effect from June 1, 2013, Tax @ 1% should be deducted by the purchaser of the property at the time of making payment of sale consideration. Tax so deducted should be deposited to the Government Account through any of the authorised bank branches.
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