TDS Introduced on Purchase of Immovable Property above 50 lacs: Union Budget 2013 introduced a very unique provision for deducting TDS in the history of the Income Tax Act, 1961. TDS on purchase of Immovable Property. As per the newly introduced Sec 194IA, any person purchasing Immovable Property (Other than rural agricultural land) of Rs. 50 lac or more is required to deduct tax @ 1% from the payment made to seller. This provision is effective from 01 June 2013. Tax so deducted should be deposited to the Government Account through any of the authorized bank branches. Facility for furnishing information regarding the transaction of sale of immovable property and payment of TDS thereof is available on this website. Detailed procedure, user friendly e-tutorial, list of Bank branches authorised to accept TDS and Frequently Asked Questions (FAQs) are available here https://tin-nsdl/TDS/TDS-FAQ.php
Posted on: Mon, 17 Jun 2013 06:55:52 +0000
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