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After imposing a 1% tax deduction at source on property transactions above a threshold, the government plans to make it mandatory for people to show proof of this tax payment to get their properties registered.
"Buyers will need to show income tax challan to get their property registered from October," a finance ministry official said.
Finance Minister Pranab Mukherjee in the budget proposed 1% tax deduction at source ( TDS) by the buyer from the consideration paid to the seller if the value of the property is more than 50 lakh in metro areas and more than 20 lakh in other places.
Sellers can claim credit in lieu of this on the basis of a one-page form to be notified soon after the passage of the Finance Bill, the official said.
The rule will cover all home and land transactions, except farmland.
While the move is aimed at checking generation and use of black money by bringing most property deals under the radar of the income-tax department, tax experts say there could be a rush in property deals in the next six months to avoid hassles.
Buyers have a six months window to avoid compliance hassles.
The government is expected to make some allowance for deals struck before October but registered later when it notifies the rules.
Tax officials say the new rule will ensure a steady flow of information to the income-tax department on property deals.
Real estate is considered to be one of the most widely used means to generate and park black money. Cash component in land and property transactions could be as high as 60%, according to some estimates.
Builders, however, say the new rule is unlikely to help curb black money but will definitely add to the woes of property buyers.
It is not clear what benefit will accrue to the government from this move
The government should then provide an easy mechanism for buyers to deposit the amount
Lalit Kumar Jain, president of the Confederation of Real Estate Developers' Associations of India, the apex body for private real estate developers, said the buyer of a property will have to deduct the amount and submit it. It adds to the woes of the customer and administratively it is not a practical suggestion
Buyers will need to provide details about the property, themselves and the seller in the tax deduction form.
Jain said it will affect the seller's liquidity as well because he will get a lower amount.
For developers selling homes it would mean loss of opportunity and interest income, he said.
Long-term capital gains tax is levied at the rate of 10%.
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