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TDS Return (Property Sale)
All about TDS Return (Property Sale)
The purchaser of an immovable property (whether
built up or under construction) of value Rs 50 lakh or more has the
responsibility under the Income Tax Act to pay withholding tax of 1% from the
sale consideration payable to the seller of the property.
In budget 2019 has proposed a definition for
“consideration for immovable property” to include all charges of the nature of
club membership fee, car parking fee, electricity or water facility fee,
maintenance fee, advance fee or any other charges of similar nature, which are
incidental to the transfer of the immovable property with effect from 1st
September 2019.
TDS is deducted at the time of payment irrespective
of date of transfer. Moreover, in the case payment is being made instalments to
the seller, the TDS would be deducted at the time of paying each installment.
Due date of Payment of TDS
The due date of payment of
TDS on transfer of immovable property is 30 days from end of the month in which
the deduction is made. To make an online payment of tax from the e-tax payment
option, the buyer is required to fill an online form, 26QB. PAN of the buyer
and seller, details of the property, total consideration payable, and payment
details must be furnished.