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TDS is applicable on the purchase of immovable property in India if the value of the property is more than 50 lakhs.
The rate of TDS on property purchase is 1% of the consideration paid or payable.
TDS is to be deducted by
the buyer at the time of
making payment to the seller.
The TDS so deducted must be deposited with the government with 30 days from the end of the month in which the deduction is made.
The buyer must provide a TDS certificate in the form of Form 26QB to the seller after depositing the TDS with the government.
TDS can only be deducted if the PAN of the seller is provided to
the buyer.
TDS is not applicable if the property is being purchased from a relative or if the purchase is made under a will or by way of inheritance.
If TDS is not deducted or deposited within the specified time, the buyer may be liable to pay interest
and penalties.
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