05 June 2013

TDS on immovable proprty

The Finance Act, 2013 had provided that purchaser of an immovable property (other than agricultural land) worth over Rs 50 lacs is required to pay withholding tax at the rate of 1% from the consideration payable to a resident transferor. The rate at which tax is to be cut is 1%, but it would go up to as high as 20% if the seller does not disclose his permanent account number. This amendment is effective from 01-06- 2013.

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