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1 TDS on sale above 50L

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1 TDS on sale above 50L

Last updated: April 19 2017
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  • #21

    #21

    Re : 1 TDS on sale above 50L

    If there is a check on unaccounted money in RE, the sector will lose its sheen.
    'LIVE FOR INDIA'

    Comment

    • #22

      #22

      Re : 1 TDS on sale above 50L

      THANKS MR. PC,
      At Last congress think abt common peoples by introducing 1% TDS
      and for Homeless family rebate of 1 Lac.
      DOnt warry with both abv one can easlily get 2 bhk at 40 lac


      impact of 1%TDS :

      Since practice of difference in Sale agreement price and registration price , financers n speculators makes money by artificially creating price hike. Now the sale agreement price will be declared with the first TDS deduction and no one will dare to make under value SA due to fear of mistrust.

      Both parties have to declate PAN number, thats really great, how will financer do with BENAMI properties, and INCOME TAX PEOPLES, will monotor transaction from day one.

      How will one sell so many properties which they have not declared in ITR

      Registrar will not resister properties, NOW , without PAN and TDS deduction

      AND MORE PEOPLES WILL PAY IN WHITE than IN BLACK

      GOOD TIME FOR REAL PRICES, THANKS MANMOHAN JEE N PC JEE, I FEEL CONGRESS WILL BE BACK

      there is a fear of TDS in financers Lobby

      AT LAST ONE CAN GET BACK TDS AFTER FILING RETURN, TDS IS FOR TRACING TRANSACTION

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      • #23

        #23

        Re : 1 TDS on sale above 50L

        This 1% TDS will be implemented to the registrations from 01-04-2013 ? Or even the property registrations happening in march ( current month ) ?

        Second question : What will be the scenario if the seller is a builder ( for example JP/Unitech etc) ??

        Third question : How will this be applicable if payment has been done already in previous years 2011-2012, 2012-2013( down payment ) and registration is due after possession ???

        Finally is it applicable to all property transactions ( freehold and leasehold) ????
        Last edited March 4 2013, 04:06 PM.

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        • #24

          #24

          Re : 1 TDS on sale above 50L

          This is a budget proposal and would apply only when the finance bill is passed in LS so probably in june -july, that is if it is not withdrawn as last year.

          There is confusion. How will a buyer who has already paid monies to the builder and awaiting registry going to deduct this 1% TDS?

          Comment

          • #25

            #25

            Re : 1 TDS on sale above 50L

            @niraj7 - so are we saying, this would not come into effect before 1st June, 2013? In this case would it effect trasfers from builder before this date and not then registered?

            Comment

            • #26

              #26

              Re : 1 TDS on sale above 50L

              Lot of websites suggest this ammendment to be applicable from 1st June 2013, e.g.

              TDS on Property * 1%

              http://blog.tdsman.com/2013/03/budge...ng-rs-50-lakh/

              Comment

              • #27

                #27

                Re : 1 TDS on sale above 50L

                Hope this is rolled back before that.

                So if it gets applied on 1st June 2013, property transactions happened prior to this date would not be considered for TDS deduction? And registrar would not ask for TDS reciept at the time of registry (in under construction property case)?
                Last edited March 5 2013, 12:51 PM.

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                • #28

                  #28

                  Re : 1 TDS on sale above 50L

                  Originally posted by makaanseeker View Post
                  THANKS MR. PC,
                  At Last congress think abt common peoples by introducing 1% TDS
                  and for Homeless family rebate of 1 Lac.
                  DOnt warry with both abv one can easlily get 2 bhk at 40 lac


                  impact of 1%TDS :

                  Since practice of difference in Sale agreement price and registration price , financers n speculators makes money by artificially creating price hike. Now the sale agreement price will be declared with the first TDS deduction and no one will dare to make under value SA due to fear of mistrust.

                  Both parties have to declate PAN number, thats really great, how will financer do with BENAMI properties, and INCOME TAX PEOPLES, will monotor transaction from day one.

                  How will one sell so many properties which they have not declared in ITR

                  Registrar will not resister properties, NOW , without PAN and TDS deduction

                  AND MORE PEOPLES WILL PAY IN WHITE than IN BLACK

                  GOOD TIME FOR REAL PRICES, THANKS MANMOHAN JEE N PC JEE, I FEEL CONGRESS WILL BE BACK

                  there is a fear of TDS in financers Lobby

                  AT LAST ONE CAN GET BACK TDS AFTER FILING RETURN, TDS IS FOR TRACING TRANSACTION
                  Thinking about common man!!!!!
                  If you are a buyer it is now on you to deduct the 1% and submit. Do you think the seller would bear the cost. He will tell you that he was not going to show the transaction and now since he will have to bear the cost he will pass it on to the buyer(you). So cost of your house just went up.
                  As for rebate this is the wrong forum. If you posted in some tier-2 city forum where you can get something RTM under 40L then it would have been appropriate. For people looking to buy in Noida this is completely useless.

                  Comment

                  • #29

                    #29

                    Re : 1 TDS on sale above 50L

                    In case of property purchased from builder directly ( all white mostly) this would have to be adjusted in payments only because whatever the amount you would be liable to deduct TDS above 50 L.I think banks & HFC should take this initiative and adjust this TDS with last instalment.

                    Comment

                    • #30

                      #30

                      Re : 1 TDS on sale above 50L

                      Originally posted by himrathore View Post
                      @niraj7 - so are we saying, this would not come into effect before 1st June, 2013? In this case would it effect trasfers from builder before this date and not then registered?
                      No, any property registered after notification of the budget and above 50L would have to submit TDS receipt on registry. regardless when the deal was entered into.

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