Pay 1% TDS on sale of Immovable Property above 50 Lakhs

TDS on Sale of Property to Resident

HouseAccording to the Finance Act 2013, Tax is now deductible on Sale of Immovable Property over Rs.50 Lakhs. The rate for the same is 1% which on no availability of PAN rises to 20%.

Sale of Property to Non-Resident already attracted TDS under Section 195(2).

Payment of such tax is to be through the I-T Department’s website by filing a form online.

Alternatively the form can also be printed and payment be made to an authorized branch of the department. TDS Certificate can be obtained from the site itself and its credit can also be viewed in the 26AS statement.