TDS on Property Purchase
From 2013-14 financial year onwards, Income Tax department of India will be taking TDS at 1% of installments being paid by buyer to builder/seller. This is valid for all flats/houses being bought of total value more than 50 lakhs. So what is the procedure to go through this hassle? 1. Get your PAN [I assume you are buyer, as it is buyer's task to deduct TDS] 2. Get the seller details: a. PAN b. Name c. Address d. Phone. e. Email id 3. Get flat/house address details. 4. Type of property: Whether it Residential or not. 5. Total Sale consideration: This includes parking cost, VAT, service tax (under-construction property), khata charges and electricity back up charges. 6. Date of Sale Agreement[ /Booking if no agreement signed yet] 7. Total amount paid/credited [This is the installment amount] So after getting all the above details, what t...