TDS - selling my three year old apartment
2 years ago
I am selling my three year old apartment. I want to know who pays the TDS on a resale property deal, the buyer or the seller?
A.Dear Sir,
TDS has to be deducted by the buyer on the entire amount that is paid or credited to the seller when the amount exceeds Rs 50 lakh. For example, if a property is bought for Rs 70 lakh then TDS has to be deducted on the entire amount–that is Rs 70 lakh, not on just the Rs 20 lakh that exceeds the Rs 50 lakh threshold.
I could have explained more if background is known to me. You are supposed to give more details to get detailed answer.
Please be inform that free questions deserves to be attended on priority basis so be brief but disclose summary of your case.
TDS has to be deducted by the buyer on the entire amount that is paid or credited to the seller when the amount exceeds Rs 50 lakh. For example, if a property is bought for Rs 70 lakh then TDS has to be deducted on the entire amount–that is Rs 70 lakh, not on just the Rs 20 lakh that exceeds the Rs 50 lakh threshold.
I could have explained more if background is known to me. You are supposed to give more details to get detailed answer.
Please be inform that free questions deserves to be attended on priority basis so be brief but disclose summary of your case.
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A.Dear Client,
As per the Transfer of Property Act, 1882, this TDS, in this case, shall be paid by the buyer.
For example, if a property is bought for Rs 90 lakh then TDS has to be deducted on the entire amount–that is Rs 90 lakh, not on just the Rs 40 lakh that exceeds the Rs 50 lakh threshold.
Thanks
Regards
As per the Transfer of Property Act, 1882, this TDS, in this case, shall be paid by the buyer.
For example, if a property is bought for Rs 90 lakh then TDS has to be deducted on the entire amount–that is Rs 90 lakh, not on just the Rs 40 lakh that exceeds the Rs 50 lakh threshold.
Thanks
Regards
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