TDS on Property Purchase Section 194IA#
Applicable?#
- Property (land/building)
- Transfer value > ₹50 lakh
- Buyer to deduct TDS
Rate & Calculation#
- Rate: 1% of stamp duty value
- Example: ₹60 lakh = ₹60,000 TDS
Process#
- Deduct 1% on deal value
- Deposit by 7th of next month
- Get Form 16B for buyer
- Seller gets certificate
Important Points#
- No TDS below ₹50 lakh
- Must provide PAN of seller
- Certificate within 15 days