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I'm buying an resale property of 70 Lakhs, would TDS be applicable for this? If yes do I need to deduct it or how it works?
asked Sep 29, 2017 in Legal Matters by Mritunjay K Singh (25 points) | 138 views

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Hi Mrityunjay, TDS is applicable for all transactions of value > 50L. The TDS is 1% of the property value, which the buyer needs to deduct. The buyer will then need to pay this amount online and obtain form 26QB. Details are available on the below 2 links : https://www.tin-nsdl.com/faqs/tds-on-sale-of-property/TDS-Introduction.html
https://onlineservices.tin.egov-nsdl.com/etaxnew/tdsnontds.jsp
answered Oct 4, 2017 by Kushagra Mehta (37 points)
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