Property deals must be accompanied by TDS
The government has planned to implement the TDS scheme for all transactions in real estate sector.
In the new property transaction scheme, any person selling a property in excess of Rs 25 lakh had to seek the prior permission of the Government.
The new concept of deducting tax at source will be effective from October 1st, 2012.
The new form of tax collection at source will help the government to develop a database of real estate transactions.
According to the new provision, a Registrar shall not register the transfer of any immovable property where taxes are required to be deducted under this provision unless the transferee furnishes proof of deduction and payment of TDS at the time of registration.
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Sources: Economic Times
deducting tax at source, immovable property, Property registration, property tax, Real Estate Sector, Real estate transactions, Selling a property, TDS scheme
