Hey there,
If you are anything like me, you have spent a lot of your time wondering what is TDS on purchase of a property ? As a future homebuyer, it is important to be aware of what is the current TDS rate. Read my answer to know more :
TDS deduction on purchase of property :According to the rules and regulations set by the Government of India, if the property value is more than Rs. 50 Lakhs. The TDS on Sale of property is required to be deducted @1%.TDS is to be deducted irrespective of whether it is a Residential Property or Commercial or Industrial Property. TDS will not be deducted from agricultural property.
Resident :The 1% TDS that needs to be deducted is only applicable when the seller of the property is a resident of India. On the other hand, if the seller of the property is an NRI (not-resident in India). The rate of TDS will be different.
How to deduct TDS on purchase of property :You need to check the property value. In case the value of your property is more than 50 lakhs, TDS will be deducted. This TDS is to be deducted at a flat rate of 1% irrespective of whether any Capital Gains or Capital Loss is arising on the sale of property.
I would recommend consulting with a builder or an accountant to help you get clarity on TDS. This is the end of my answer about TDS on purchase of property. Good luck!
If you want help with scrutiny of technical documents and reports, Check out NoBroker Due Diligence pack. Read more : How to pay TDS on property purchase from NRI? How to file TDS on sale of property? How to make payment of TDS on sale of property?Your Feedback Matters! How was this Answer?
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Authors Of The Question
how to deduct tds on purchase of property
sameer
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1 Answers
2 Year
2021-12-29T14:45:37+00:00 2022-01-03T11:39:23+00:00Comment
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