Q596. Sold property in India

without 1% TDS deduction being

made . . .

Question: Hi, I have sold my 30 yr old individual house on April 2013 . (Full payment received on April 2013) Do I need to worry about recent 1% TDS India Property sale ? Regards, Samrat Answer: If you sold your property on April 2013 and received full payment, I doubt if you have anything to worry about. The new 1% TDS on property valued at over Rupees 50 Lakh comes into effect from June 1, 2013. Salient features of this TDS • The responsibility to deduct this TDS (tax) is of the buyer when making payment for his/her property purchase. • Buyers are required to get the sellers PAN card number and deduct 1% TDS on property over Rupees 50 lakh. In case the seller does not have a PAN card, then the TDS to be deducted is 20% • The buyer is responsible to send the deducted TDS amount to the Indian tax department. • Buyer also needs to generate a TDS certificate which is called Form 16B (can be done on-line) and provide it to the seller within 15 days of the TDS deposit.