Property Tax Rules

Date : Apr 3, 2014

The Finance Act 2013 had provided that purchaser of an immovable property (other than agricultural land) worth over Rs 50 lakh is required to Deduct tax at the rate of 1% from the consideration payable to a resident transferor.

This is applicable from 01.06.2013 under new section 194IA. New rules regarding TDS deduction/deposit on transfer of immovable property has been notified by the CBDT ,vide notification number 39/2012 dated 31/05/2013.

The summary of the new rules is given below.

• TDS deducted under section 194IA shall be paid to the credit of the Central Government within a period of seven days from the end of the month in which the deduction is made.
• TDS under section 194IA is to be deposited on challan cum statement on FORM 26QB.
• TDS is to be deposited only through E payment mode only. So online payment u/s 194IA is mandatory.
• TDS certificated must be issued to deductee on form 16B within 15 days from due date of deposit as explained in Sr number 1.
• TDS certificate must be downloaded from online TDSCPC website.

For More Read About Infomation :- http://www.simpletaxindia.net/2013/03/one-percent-tds-on-transfer-of.html