TDS on sale of property

It's a controversial situation there have been judgements where it has been argued that the consideration mentioned in the section is for each person.

However as per my belief the consideration mentioned in the section relates to consideration relating to one property hence if it's above 50 lakh you need to deduct TDS.

Hope you find the information helpful if you do please rate it 5 and provide your valuable feedback for my improvement.

Thank you

Hi

Since you have sold the property, TDS is not applicable to you.

TDS is to be deducted by the buyer who is making the payment.

It has been held in many cases that TDS won't be applicable in such case as individual share does not exceed 50 lacs.

However it remains a litigative position. It is advisable that the buyer deducts TDS @1%. 

You may claim refund of such TDS while filing your ITR provided you have no tax liabilities.

Hello,

Note that the buyer is required to deduct TDS, not the seller.

As per various case laws, it is held that No TDS is required to on sale of the property if the sale consideration of each co-owners not exceeds Rs. 50 Lakhs. Not

Though it is a litigation matter. Advisable for your buyer to deduct the TDS for both the sellers. The Sellers would be able to claim the refund as per their tax liability.

I hope that this answer satisfies your requirements.

Regards,

CA Hunny Badlani

Dear Sir,

Hope you are doing well !!

TDS deduction is the responsibility of the buyer.

No TDS is required to be deducted if sale consideration is less than Rs 50 lakhs

No, TDS is applicable when an individual share is more than 50 Lakhs 

According to me, since value of Property sold is more than Rs. 50 Lacs, TDS provisions will get attracted and buyer will have to deduct 1% TDS.

Hi,

TDS is to be deducted by the Buyer and not the Seller 

Hello Sir,

Buyer is required to deduct the TDS, not seller.

No, you are not required to pay TDS 1% on individual share as it is below 50 lakh.