The Finance Act 2013 had provided that purchaser of an immovable property (other than agricultural land) worth over Rs 50 lakh 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.
TDS on transfer of immovable property for more than 50 lakh is applicable from 01.06.2013 under new section 194IA. New rules regarding tds deduction/deposit on transfer of immovable property has been notified by the CBDT ,vide notification number 39/2012 dated 31/05/2013.
TDS deducted under section 194IA shall be paid to the credit of the Central government with in the period of Seven days from the end of the month in which deduction is made vide notification no. 39/2012 dated 31/05/2013.
The Summary of new rule is given below:
TDS on transfer of immovable property for more than 50 lakh is applicable from 01.06.2013 under new section 194IA. New rules regarding tds deduction/deposit on transfer of immovable property has been notified by the CBDT ,vide notification number 39/2012 dated 31/05/2013.
TDS deducted under section 194IA shall be paid to the credit of the Central government with in the period of Seven days from the end of the month in which deduction is made vide notification no. 39/2012 dated 31/05/2013.
The Summary of new rule is given below:
1. Any sum deducted under section 194-IA shall be paid to the credit of the Central Government within a period of seven days from the end of the month in which the deduction is made.
2. TDS payment U/s. 194-IA shall be accompanied by a challan-cum-statement in Form No.26QB.
3. Where tax deducted is to be deposited accompanied by a challan-cum-statement in Form No.26QB, the amount of tax so deducted shall be deposited to the credit of the Central Government by remitting it electronically within the time specified in sub-rule (2A) into the RBI or SBI or any authorised bank.
4. Every person responsible for deduction of tax under section 194-IA shall furnish the certificate of deduction of tax at source in Form No.16B to the payee within fifteen days from the due date for furnishing the challan-cum-statement in Form No.26QB.
5. Form 16B is to be generated online.
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I am an individual and have Purchased Property worth Rs 82 lakhs. The said property is in 3 joint names, all sharing equally. Who will pay the TDS ??? Rate ?? aMOUNT??
ReplyDeleteThanks !
I have booked a flat in lodha Dweller Ltd and still under construction,it is not a resell or transfer case (the agreement value is 52 Lakh and additionally paying the service tax to builder).
ReplyDeleteWill the builder demand this TDS amount from me if he is getting lesser than 52 lakh after deduction.
Please clarify 52 lakh includes the TDS
or
TDS is paid in addition to 52 lakh.
What is the two different Service Tax 3.09% and 12.36% paid to the builder(I donot have any Govt receipt for the same,it is just a builder receipt with office stamp,What is the legal about this?.)