If we buy a immovable property above 50lakhs, then TDS is applicable. I would like to know which form to be filled for deducting TDS and where it should be remitted?
3 Replies
Hemant Kumar
(Accounts Manager MBA (Fin) CMA*)
(6450 Points)
Replied 06 August 2013
As per Finance Bill of 2013, TDS is applicable on sale of immoveable property wherein the 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.
Hemant Kumar
(Accounts Manager MBA (Fin) CMA*)
(6450 Points)
Replied 06 August 2013
The online form available on the TIN website for furnishing information regarding TDS on property is termed as Form 26QB
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