Tds on sale of property payment

INTRODUCTION Real estate sector is the most recognized sector in India. It is estimated to grow to 65,000 crore from 12,000 crore in 2019. Imagine purchase and sale of transactions of immovable property is going to increase at a very rapid rate. Moreover the budget 2022 was also capital investment centric budget. It means government is also making investment for infrastructural development. Since purchase and sale of immovable property is very common transaction, tax implication on same is first ever questioning in minds of sellers/ buyers. This segment is also prone to high tax evasion area, therefore government has made liable buyer to deduct TDS at the rate 1% at the time of making payment of seller. WHO IS REQUIRED TO DEDUCT TDS? Buyer is required to deduct TDS at the rate 1% if sale consideration is 50 lakhs or above but from 01/04/ 2022, TDS is required to be deducted if stamp duty value of property is also 50 lakhs or more. This means TDS is required to be deducted if stamp duty value of property or sale consideration exceeds 50,00,000. TDS is to be deducted on all properties whether residential, commercial, industrial property or flat, building or vacant plot except agricultural land. IMPLICATIONS OF BUDGET 2022? Buyer has to deduct TDS at the rate 1% even if sale consideration of property is less than stamp duty value. Sale Consideration SDV Implications Case-1 60lacs 70 lacs Upto 31/03/2022 TDS is required to be deducted @1% on 60lacs. From 01/04/2022 TDS is requ...

Jeevan is a retired astronaut who recently returned from a decade-long mission exploring the outer reaches of our solar system. After traveling millions of miles through space, Jeevan has decided to sell his luxurious bunglow in Mumbai. As Jeevan prepares to put his property on the market, he's been doing some research and has come across the term "TDS." Curious to learn more about it, he has been diving deep into the world of real estate taxes and regulations. Despite his extensive experience as an astronaut, Jeevan quickly realizes that the world of real estate can be just as complex and vast as the universe he explored. But with his adventurous spirit and thirst for knowledge, he is determined to navigate this new frontier and successfully sell his property while staying compliant with all applicable laws and regulations. In this article, we will summarise all that Jeevan learnt about the payment of TDS on the sale of property. What is TDS on Sale of Property? TDS stands for Tax Deducted at Source and is a type of tax that is deducted by the buyer of the property at the time of payment to the seller. If the property is valued at more than Rs. 50 lakh, the buyer must pay TDS at a rate of 1% of the sale consideration. In order to claim the TDS amount as a refund, the seller must submit an income tax return. TDS Rate on sale of property The TDS rate on the sale of the property is 1% of the sale consideration. However, this rate may vary for certain types of sellers or in c...

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A complete guide on how to make TDS payment on Property sale. In brief, mention the due date, the portal through which the payment can be made, and then the points to be remembered by the property buyers and owners. After this, the steps for filing 26QB Form. And finally, the steps for downloading form 16B. Tax Deduction at Source (TDS) is one of the most commonly used economic terminologies. Whether you are an employee or you own a business, these deductions have emerged to become an integral part of your transactions. However, the concept of TDS is unclear for most individuals, especially those belonging to non-finance backgrounds. As a result, people wonder why there is hard-earned money being deducted even before they receive the amount in totality during property sales. Here is some highly crucial information concerning TDS payment of property sales. It will help you understand the intricacies and significance of the process, enabling you to better cooperate with the legalities. A Guide To TDS Payment Of Property Sale: Tax Deducted at Source (TDS) The concept of TDS in the tax system was introduced to collect tax from the very source of income. Under TDS, a person (deductor) who is liable to make payment of specified nature to another individual (deductee) shall deduct tax at source and remit the same into the Central Government’s account. The deductee would be entitled to get the credit of the amount so that the deductor issues a deduction based on Form 26AS for the ...