Tds on purchase of property

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

23 February 2015 Whether buyer need to deduct TDS on purchase of property if the before-discount value is more than 50.00 lacs and after discount value is less than 50.00 lacs ?

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shivaji prasad bhimavarapu

shivaji prasad bhimavarapu (Expert)
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23 February 2015 If the consideration for transfer of property is Rs.50.00 lakhs and above, the buyer, who pays consideration to the seller, has to deduct TDS @1% of the amount of the consideration and pay TDS with PAN of the seller. TDS is to be made on the advance amount also prior to registration.In case of TDS on such transfers, no TDS return is required to be filed. Challan form is FORM 26 QB. No need to obtain TAN also