I recently came across your query, is TDS on stamp duty applicable. TDS (Tax Deducted at Source) is not applicable to stamp duty itself. Stamp duty is a tax levied on property transfer. The buyer or seller pays it during a real estate transaction.
However, here are a few key points to consider:
Stamp duty and TDS are different tax types. While stamp duty is a state tax on real estate transactions, TDS is a central tax on specific payments, such as income.
TDS on Property Transactions: While TDS is not applicable on stamp duty, TDS may apply to the sale of property if the transaction involves a payment to a resident seller exceeding a specified threshold. This TDS is deducted from the sale amount.
If applicable, the TDS rate on property transactions is 1% of the total sale consideration for residents and can vary for non-residents.
It's important to ensure compliance with TDS provisions if applicable, as failing to deduct TDS when required can lead to penalties.
While TDS TDS does not apply to stamp duty, it may apply to certain property sales transactions. Always consult with a tax professional or legal advisor for specific situations. I hope you get an idea, is TDS applicable on stamp duty.
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Is TDS Applicable on Stamp Duty?
Tanush3
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2 months
2024-10-16T14:17:19+00:00 2024-10-17T22:28:50+00:00Comment
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