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TDS deduction on sale of property

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67°
Deal Cadet
yougotmi

Hi Guys,

The purchaser of the property is deducting some amount as TDS. 

Please advise if this is correct that he is doing. 

Thanks. 

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Talk-Of-The-Town Talk-Of-The-Town
Nav24
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Yes, its as per regulation. For sale value 50l and above buyer has to deduct 1% TDS and deposit into sellers PAN. Seller has to file for this financial year with all details.
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Deal Cadet Deal Cadet
rk2022
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Yes, if it is above 50 lakhs I think they need to deduct the TDS amount. Make sure to collect the TDS receipt from the purchaser. TDS amount will be deposited on the sellers PAN.
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Deal Subedar Deal Subedar
arundass007378
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what is the total value of the property that is being sold?
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Deal Cadet Deal Cadet
yougotmi
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Approx 90L
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Deal Subedar Deal Subedar
arundass007378
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as 1% TDS has to be deducted by the buyer if its above 50L
Like 1
Talk-Of-The-Town Talk-Of-The-Town
Nav24
Link Copied

Yes, its as per regulation. For sale value 50l and above buyer has to deduct 1% TDS and deposit into sellers PAN. Seller has to file for this financial year with all details.
Like 4
Deal Cadet Deal Cadet
yougotmi
Link Copied

Thanks everyone 😊
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