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Mar 13, 2013
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Get ready to pay 1% TDS on Rs 50L flat from June
Lakhs of people who have booked under-construction apartments costing over Rs 50 lakh have a big tax headache coming up their way. While making payments to builders, they will have to deduct 1% of the deal value as tax after June 1, and also go through the onerous task of depositing tax and filing returns.As many as 4.5-5 lakh homes are expected to be delivered in 2013, according to Property research firms Liases Foras and PropEquity as well as property consultancy CB Richard Ellis.
The Finance Bill 2013 has proposed that purchaser of an immovable property (other than agricultural land) worth over Rs 50 lakh is required to pay withholding tax at the rate of 1% from the consideration payable to a resident transferor.
Source -
http://economictimes.indiatimes.com
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