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FAQ: Who will pay TDS of an immovable property? - Property Hotline
Posted
May 26, 2016
Views
297
May 26, 2016
297
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2:27Now PlayingExpert: Ashish Sodhani, Associate international tax practice, Nishith Desai & Associates.
Q: I purchased an under-construction property 3 years ago from the Prestige Group. I will get possession in 3 months and I plan to sell it. I have deducted 1% TDS and have paid the remaining amount to the developer. Does the buyer need to deduct 1% TDS from the payment he will make to me?
Answer: TDS in the case of an immovable property has to be paid by the person who is receiving the property therefore while purchasing the property when you had paid 1% TDS, he will deduct the TDS and pay it to you when he buys the property back. The tax has to be paid at before the 7th of the month through a 26QB form available on the income tax website.
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