Points to be remembered by Seller of Property

By | November 8, 2016
(Last Updated On: November 8, 2016)

What are the points to be remembered by the Seller of the Property?

As per Finance Bill of 2013, TDS is applicable on sale of immoveable property wherein the sale consideration of the property is equal or exceeds to 50,00,000 (Rupees Fifty Lakh). 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/buyer of the property at the time of making payment of sale consideration. Tax so deducted should be deposited to the Government Account through any of the authorized bank branches.

  • Following are the points to be remembered by the seller of the property-
    1:-Provide a copy of PAN Card to the Purchaser of the property for furnishing information regarding TDS to the Income Tax Department.
    2:-Verify taxes deducted by the Purchaser in Part A2 of your Form 26AS Annual Tax Statement.
    3:-Compare it with Form 16B issued by the Purchaser.
    4:-Download form 16B from TRACES only.

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