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Wednesday, July 23, 2014

Tax on buying property

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Tax on buying property





The buyers of immovable property (other than rural agricultural land) worth `50 lakh or more are required to pay TDS at the rate of 1% of the amount. They are responsible for deducting tax on the amount paid to the seller and depositing the same with the government authorities within seven days of the end of the month in which the amount was deducted. This is applicable only if the seller is an Indian resident.

Online form

The buyer must fill up Form 26QB, available on the Tax Information Network (TIN) website. The form contains various details of the purchaser and seller, and the property being purchased, the financial year of purchase, value of property, date of agreement and consideration value.

PAN

The buyer must quote his and the seller's PAN. In case the PAN of the seller is missing, TDS will be deducted at 20%.

Amount on which TDS is deducted

TDS is to be deducted on the total amount paid to the seller, including service tax and other charges, and those for parking and amenities.

Acknowledgement

Once the form is checked and submitted, a nine-digit acknowledgement number will be generated.

Tax payment

Tax payment must be made electronically. As proof of payment, a challan will be generated containing the CIN, payment details and bank name.

For further information contact Prajna Capital on 94 8300 8300 by leaving a missed call

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