TDS on Property for residents refers to the Tax Deducted at Source (TDS) that a buyer is required to deduct when purchasing immovable property (like land, building, or part of a building) from a resident seller. Under Section 194-IA of the Income Tax Act, TDS is applicable when the sale consideration of the property is ₹50 lakhs or more.
TDS on Property for residents refers to the **Tax Deducted at Source (TDS)** that a buyer is required to deduct when purchasing immovable property (like land, building, or part of a building) from a resident seller. Under Section 194-IA of the Income Tax Act, TDS is applicable when the sale consideration of the property is ₹50 lakhs or more.
Key points regarding TDS on Property for residents:
Rate of TDS: The buyer must deduct TDS at the rate of 1% of the total sale consideration.
Threshold: TDS is applicable only if the property value exceeds ₹50 lakhs.
Responsibility of the Buyer: The buyer is responsible for deducting and depositing the TDS with the government, not the seller.
PAN Requirement: The buyer must have the PAN of both the buyer and the seller. If the seller does not provide a PAN, the TDS rate increases to 20%.
Deposit and Form: The TDS must be deposited to the government within 30 days from the end of the month in which the deduction was made. The buyer has to submit Form 26QB for this purpose.
TDS Certificate: The buyer must also provide a TDS certificate (Form 16B) to the seller as proof of the tax deduction.
This TDS can be claimed by the seller as tax credit while filing their income tax return.
Terms & Conditions
Govt fee Rs 1000 extra to be borne by the client
All tax payments and penalties if any to be borne by the client
Stamp paper and notary should be borne by the client
This pricing is applicable only if the LLP is not having any assets and liabilities.
There will be additional charges if there is BANK ACCOUNT STATEMENT transactions having above 100 entries
DINeKYC & DSC needs to be active till the e-filing status of the LLP changes to “UNDER PROCESS OF STRIKE OFF”.
Separate forms to be filed with MCA for updating of Registered Office address/mail id & and the add/remove partners (additional charges applicable).
LLPs must file FORM-3 within 30 days of incorporation. Failure to do so incurs a penalty, which must be paid before filing FORM-24 for closure of LLP with the MCA.
TDS on Property for residents refers to the **Tax Deducted at Source (TDS)** that a buyer is required to deduct when purchasing immovable property (like land, building, or part of a building) from a resident seller. Under Section 194-IA of the Income Tax Act, TDS is applicable when the sale consideration of the property is ₹50 lakhs or more.
Key points regarding TDS on Property for residents:
This TDS can be claimed by the seller as tax credit while filing their income tax return.