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Wondering what is the
TDS for an under construction flat?
In India, when purchasing an under-construction flat costing over ₹50 lakh, the buyer must deduct Tax Deducted at Source (TDS) at 1% of the property's sale consideration.
This requirement applies regardless of the seller's income status. The buyer must deposit the TDS with the government and provide the seller with a TDS certificate (Form 16B). The payment should be made within 30 days of the month's end in which the deduction is made.
This provision ensures tax compliance and proper reporting of property transactions under the Income Tax Act, 1961. I hope this helps!
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Authors Of The Question
What will be the TDS for an under construction flat?
Guruprasad
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41 days
2024-07-29T10:12:20+00:00 2024-07-31T15:19:40+00:00Comment
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