Are you a Homebuyer who has recently purchased a home and are boggled by the ‘1% TDS on Property purchase’ regulation?
Did you know that you will have to go through this process at least 8 -10 times if you have purchased a property at launch?
Are you aware of the stiff penalties which are applicable if you default on deducting TDS or subsequently not paying it to the Authorities on time? It could go upto INR 1 Lakh or 1% of the Property depending on the nature of Default!
Did you know the TDS rules are different for Resident Indians and Non Resident Indians (NRIs)?
TDS stands for ‘Tax Deducted at Source’ and As per Finance Bill of 2013, TDS is applicable on sale of immovable property wherein the sale consideration of the property exceeds or is equal to INR 50,00,000 (Rupees Fifty Lakhs). Sec 194 IA of the Income Tax Act, 1961 states that for all transactions with effect from June 1, 2013, Tax @ 1% should be deducted by the purchaser of the property at the time of making payment of sale consideration.
You just went through a long roller-coaster ride in finding your dream home navigating through 100s of options, brokers, design, vastu, pricing and documentation ( All these can be a breeze if you buy your home through Propsoch Homebuying Experts).
Now you have to deal with this TDS maze. You will have to navigate through various forms and sections like 26QB, 27Q ( NRI), 16B, Section 194I etc. before you can complete the process!
The official manual for Homebuyers like you, issued by NSDL runs into 26 pages!
Check it out here -
https://www.protean-tinpan.com/downloads/TDS/eTutorial_TDS_on_property_etax-immediately.pdf
Don’t worry Propsoch has got your back. We have launched our simplified TDS payment system where we connect you with our finance experts who will do the job in a jiffy! They have years of experience and know exactly how to make this process faster and without errors.
For a nominal fee of INR 299 per entry, our Experts will help you save precious time and effort and also help you avoid paying a big penalty in the future.
You can connect with us on this link to get started -
https://www.propsoch.com/bangalore/property-for-sale/tds-payment
_____________
We try to make the lives of Homebuyers in India better and this is one of our initiatives towards the same.
Hope you found this article useful. For more such insights on Homebuying, do check out our other blogs on this page.
