TDS on Purchase of Property
Who Required to Pay TDS?
Any person buying the property of ₹ 50 Lakhs or more from Resident Indian, responsible to pay TDS and file return-cum-challan Form 26QB.
What is TDS Rate?
Any person buying the property required to deduct TDS @ 1% of Property value.
What if missed to pay tds and file return?
If personal responsible failed to pay TDS, liable to pay interest at 1.5% pm and also liable to pay late fees of ₹ 200 per day for delay in filing return in Form 26QB.
TDS on Rental Property
Who Required to Pay TDS?
Any Individual / HUF paying rent of ₹ 50,000 or more to any person liable to pay tds and file return in Form 26QC
What is TDS Rate?
Any Individual / HUF is required to deduct TDS @ 5% of total rental payable during the Financial Year.
What if missed to pay tds and file return?
If personal responsible failed to pay TDS, liable to pay interest at 1.5% pm and also liable to pay late fees of ₹ 200 per day for delay in filing return in Form 26QC.