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Real Estate Forum on Tds

Real Estate Property Discussion Forum and Guide to Real Estate Queries

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Q: Is an NRI tenant required to deduct TDS on rent paid for a residential property rented in India?
Latest Answer: The rules of Tax deduction at source (TDS) for rental property in India changed under the budget 2017 proposals. Effective June 1, 2017, tenants are required to deduct TDS and submit the money to the tax authorities if rental amount is Rs.50000 or more per month. Landlord must provide their PAN details to their tenant. Failure to provide PAN to tenant can result in TDS withholding 20% instead of 5%
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Q: Incase of no deductions with eralier payemnts , can the buyer deduct 1% from the last installments . Is there a penalty for TDS not done for earlier payements
Latest Answer: Hi, under Income Tax Act, if you make a payment towards purchase of immovable property for an amount of Rs. 5000000 or more than you have to deduct TDS @1%. Hence, in your case even if the property is under construction you are essentially making payment towards purchase of property. So, you will have to deduct TDS on the payment.
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Q: Is TDS really necessary for NRI's to sell their property in India?
Latest Answer: To avoid 22.88% deduction on your NRI property you have to apply for lower TDS certificate. To know more or to apply for lower tds certificate visit aktassociates.com
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Q: I have an apartment of worth 50 L. And I’m interested in selling it. I want to avoid the 1% TDS on the sale of my apartment. So, till when can I sell my property to avoid this. From which date in 2013 is the 1% TDS thing is starting? Please also tell me who pays the TDS, a buyer or the seller?
Latest Answer: Dear Ashish, Its for all property transactions, new or old, across all over india, rural or urban
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