Realty in India: Free from TDS for any Transaction on Property
The Central finance minister has announced the removal of one per cent tax deducted at source (TDS) on any transaction of immovable property in India.
All the developer’s associations in India has welcomed the decision as it will reduce the tax burden from the buyers of properties in India.
Earlier in Budget proposal, the finance ministry had announced the implementation of TDS on any property transaction in India.
After getting many objections, the ministry has decided to withdraw the transaction tax as it would create administrative challenges with lot of burden related to paperwork and other formalities to the buyers across the country.
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Source: Business Standard
developers associations, Properties in India, Property in India, property transaction in India, Tax Deducted at Source (TDS), TDS scheme
