RESOURCES

CA in Bangalore

Fast Facts

  • INCOME TAX

    TDS on Sale of Immovable Property other than Agriculture Land

    • Tax needs to be deducted @ 1% on purchase value of immovable property if the same exceeds Rs.50 Lakhs per property. Apply for PAN 05/24/2008
    • If the seller doesn't have PAN, tax needs to be deducted @ 20% instead of 1%
    • The buyer of the property needs to deduct tax before making the payment to the seller
    • This new rule is brought into effect from 1st June 2013
    • Both residential and commercial property are covered under this provision