Budget 2013 1% TDS Real estate Sale

POSTED BY Samrat sarkar ON March 2, 2013 11:00 am COMMENTS (6)

I am planning to sell a residential real estate(house) in 2013 more than 50 lakhs value in India. In order to avoid the new Budget law: TDS 1% tax on the Transaction value (Sale Price) how many many months I have in my hand. What is the last date in the Year 2013 before I need to sell my house to avoid the new 1% TDS ? Please explain experts.

Who pays the 1% TDS ? (buyer or seller)

6 replies on this article “Budget 2013 1% TDS Real estate Sale”

  1. Anshul Gupta says:
    June 7, 2013 at 9:27 pm

    Has anybody bought/sold a property in last 7 days ? Will be good to hear straight from the horse’s mouth

    Reply
  2. Ashal Jauhari says:
    March 3, 2013 at 5:58 am

    Dear Samrat, let the wise men (Dear FM & his babus) get it passed the budget proposals from parliament.

    Then only the correct info on dates ‘ll be there with you.

    thanks

    Ashal

    Reply
  3. Samrat sarkar says:
    March 3, 2013 at 5:45 am

    Thanks for answering my question.
    Why May 31st not March 31st (April 1 is the start of the India Govt Financial Year 2013) is the last date to avoid 1% Real estate sale ?
    I agree May 31st is the last date for real estate transaction sale in-order to avoid 1% TDS.
    Is there any Official source/Govt website that tells all the budget announcements or this particular 1% TDS law will be implementated after May 31st 2013 ?

    Reply
  4. Samrat sarkar says:
    March 2, 2013 at 10:41 pm

    Ashal and Genoa: Thanks for answering my question. I agree May 31st is the last date for real estate transaction sale in-order to avoid 1% TDS. Is there any Official source/Govt website that tells all the budget announcements or this law will be implementated after May 31st 2013 ? Again thanks to you guys.

    http://www.indiantaxupdates.com/2013/02/28/tds-1-on-transfer-of-immovable-property-exceeding-rs-50-lakhs/

    Reply
  5. Ashal Jauhari says:
    March 2, 2013 at 12:09 pm

    Dear Samrat, The Buyer of the property ‘ll deduct this TDS amount from your total amount of consideration & ‘ll deposit the same to Income Tax Department against your PAN No. At the same time He or She should also issue you a certificate that this 1% TDS has been applied & credited to Govt. of India along with the printed receipt of the TDS payment.

    Thanks

    Ashal

    Reply
  6. Genoa says:
    March 2, 2013 at 11:56 am

    The new tax law is effective from June 1, 2013

    See fourth paragraph, second line at http://economictimes.indiatimes.com/articleshow/18758619.cms

    Reply

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