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TDS on Immovable Property from 1st June 2013

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TDS on Immovable Property from 1st June 2013

Last updated: February 17 2020
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  • TDS on Immovable Property from 1st June 2013

    Immovable Property transaction: TDS of 1% to be levied on transactions above Rs 50 lakh
    Last edited January 3 2017, 11:44 AM.
  • #2

    #2

    Re : TDS on Immovable Property from 1st June 2013

    Govt also taking cues from the builders

    Triple whammy for the seller -

    transfer charges to the builder
    brokrage to the broker
    and now..
    brokrage to the government as well.

    Comment

    • #3

      #3

      Re : TDS on Immovable Property from 1st June 2013

      Further Pain !!!!
      Service Tax Abatement rate cut (from 75% to 70%) for homes valued over Rs 1 cr or those with carpet area of over 2000 sqft, high end property cost to rise

      Comment

      • #4

        #4

        Re : TDS on Immovable Property from 1st June 2013

        Total shit by govt...
        how does this 1% makes sense if they are earning short term & long term capital gains...... this will encourage more cash transactions, instead of putting a stop on black money trading, by taking such steps dnt know what they are trying to prove...
        govt is just trying to make money from every nook and corner possible....

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        • #5

          #5

          Re : TDS on Immovable Property from 1st June 2013

          This TDS is will be applicable from 1st April, 2013.

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          • #6

            #6

            Re : TDS on Immovable Property from 1st June 2013

            This TDS will be chargeable to the seller on the income received. The buyer will have to issue a Form 16 to the seller with the tax credited. The procedure is cumbersome and every transaction above 50 lacs will involve a CA.
            Last edited February 28 2013, 01:37 PM.

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            • #7

              #7

              Re : TDS on Immovable Property from 1st June 2013

              It will be WITHDRAWN like last year
              Last edited May 21 2015, 11:56 AM. Reason: format

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              • #8

                #8

                Re : TDS on Immovable Property from 1st June 2013

                Don't think it'll be withdrawn

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                • #9

                  #9

                  Re : TDS on Immovable Property from 1st June 2013

                  There is a huge difference in last year and this year announcement. Last year, complete TDS was supposed to be deducted and deposited. But this year only 1% need to be deposited as TDS and other amount will be paid by the seller himself in case of short term capital gain.

                  For long term capital gain, 1% will be deducted as TDS but will be refundable when you show that the complete amount has been re-invested in immovable property.

                  So, both ways you need to file something with the IT Dept.

                  This step has been devised to bring transparency in property transactions.

                  Originally posted by ADIT11983 View Post
                  It will be WITHDRAWN like last year

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                  • #10

                    #10

                    Re : TDS on Immovable Property from 1st June 2013

                    where did you get this difference from?

                    Originally posted by jollyboy View Post
                    There is a huge difference in last year and this year announcement. Last year, complete TDS was supposed to be deducted and deposited. But this year only 1% need to be deposited as TDS and other amount will be paid by the seller himself in case of short term capital gain.

                    For long term capital gain, 1% will be deducted as TDS but will be refundable when you show that the complete amount has been re-invested in immovable property.

                    So, both ways you need to file something with the IT Dept.

                    This step has been devised to bring transparency in property transactions.

                    Comment

                    Tags: Tax
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