Fast Facts

FAST FACTS:

INCOME TAX

TDS on Sale of Immovable Property other than Agriculture Land

Tax needs to be deducted @ 1% on purchase value of immovable property if the same exceeds Rs.50 Lakhs per property. Apply for PAN 05/24/2008

If the seller doesn't have PAN, tax needs to be deducted @ 20% instead of 1%

The buyer of the property needs to deduct tax before making the payment to the seller

This new rule is brought into effect from 1st June 2013

Both residential and commercial property are covered under this provision

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