Recently, CBDT has issued a notification on TDS for property to be done by the buyer. http://www.livemint.com/Money/PMfi3Kuqe7dzPM0BC4vAFO/DYK-TDS-for-immovable-property-accepted-online.html
2 clarifications –
- Is the 1% on the *total* value of the property (including falaana falaana charges like Car Parking, Infrastructure fees, Corpus Fund, etc) or only on the Basic Cost of the property (i.e. Rate per sq ft X Saleable area)?
- In case of an under construction property where payment is spread out over many years, when is this payable?