TDS on purchase of property

If you have purchased a property, you may have to deduct tax and remit to government. TDS on purchase of property is made applicable from financial year 2013-2014.

TDS has to be deducted if you have purchased a property worth Rs. 50 lakhs or more.

TDS has to be made at 1% on purchase consideration.

For example, if you have purchased property worth Rs. 60 lakhs then you will have to deduct Rs. 60,000 from amount and pay it to government.

TDS amount has to be filed so that seller gets benefit of this payment.

It is very easy to file TDS return for purchase of property.