When you buy or sell a property in India, TDS (Tax Deducted at Source) is applicable under Section 194-IA of the Income Tax Act if the sale consideration exceeds ₹50 lakhs. The buyer is responsible for deducting the TDS, depositing it with the government, and filing Form 26QB to report the payment. While the process of filing Form 26QB is fairly straightforward for transactions...
In India, the Tax Deducted at Source (TDS) provisions under the Income Tax Act apply to the sale of property. These provisions ensure that the government collects tax at the time of the transaction, rather than waiting until the seller files their income tax return. Whether it’s residential, commercial, or any other type of property, TDS provisions vary slightly, but the basic concept remains the...
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