{"id":2379,"date":"2019-10-26T12:48:26","date_gmt":"2019-10-26T07:18:26","guid":{"rendered":"https:\/\/aktassociates.com\/blog\/?p=2379"},"modified":"2020-01-09T17:05:05","modified_gmt":"2020-01-09T11:35:05","slug":"tds-on-property-purchases","status":"publish","type":"post","link":"https:\/\/aktassociates.com\/blog\/tds-on-property-purchases\/","title":{"rendered":"Know all About TDS on Property Purchases"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">Tax Deducted Source(TDS) is a concept of collecting taxes at the very source of income. As per this concept, tax shall be deducted by the person making the payment (purchaser)for purchase of property from the resident transferor on any money or consideration paid and remit the same to the Central government. <a href=\"https:\/\/aktassociates.com\/blog\/tds-section-194ia\/\">Section 194IA<\/a> deals with TDS on purchase or transfer of certain immovable property which shall be discussed in this article.<\/span><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-2372 size-full\" src=\"https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2019\/10\/tds-on-property-purchase.png\" alt=\"tds on property purchase\" width=\"700\" height=\"400\" srcset=\"https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2019\/10\/tds-on-property-purchase.png 700w, https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2019\/10\/tds-on-property-purchase-300x171.png 300w, https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2019\/10\/tds-on-property-purchase-20x11.png 20w\" sizes=\"(max-width: 700px) 100vw, 700px\" \/><\/p>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_66_1 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title \" >In this article, we will discuss about...<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #1e73be;color:#1e73be\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #1e73be;color:#1e73be\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 eztoc-toggle-hide-by-default' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/aktassociates.com\/blog\/tds-on-property-purchases\/#section-194IA\" title=\"section-194IA\">section-194IA<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/aktassociates.com\/blog\/tds-on-property-purchases\/#Threshold_limit\" title=\"Threshold limit\">Threshold limit<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/aktassociates.com\/blog\/tds-on-property-purchases\/#The_requirement_to_deduct_TDS_on_Property_Purchase\" title=\"The requirement to deduct TDS on Property Purchase\">The requirement to deduct TDS on Property Purchase<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/aktassociates.com\/blog\/tds-on-property-purchases\/#Rate_of_TDS_on_Purchase_of_Property\" title=\"Rate of TDS on Purchase of Property :\">Rate of TDS on Purchase of Property :<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/aktassociates.com\/blog\/tds-on-property-purchases\/#When_TDS_shall_be_deducted_on_Purchase_of_Property\" title=\"When TDS shall be deducted on Purchase of Property:\">When TDS shall be deducted on Purchase of Property:<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/aktassociates.com\/blog\/tds-on-property-purchases\/#Deposit_of_Tds_to_the_central_government\" title=\"Deposit of Tds\u00a0 to the central government\">Deposit of Tds\u00a0 to the central government<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/aktassociates.com\/blog\/tds-on-property-purchases\/#Form_16B\" title=\"Form 16B\">Form 16B<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/aktassociates.com\/blog\/tds-on-property-purchases\/#Definitions_under_section_194IA\" title=\"Definitions under section 194IA\">Definitions under section 194IA<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/aktassociates.com\/blog\/tds-on-property-purchases\/#Immovable_Property\" title=\"Immovable Property\">Immovable Property<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/aktassociates.com\/blog\/tds-on-property-purchases\/#Agriculture_Land\" title=\"Agriculture Land\">Agriculture Land<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"section-194IA\"><\/span><strong>section-194IA<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">The finance bill, 2013 introduced Section-194IA in the <a href=\"https:\/\/aktassociates.com\/blog\/section-234e-of-income-tax-act\/\">income tax act,<\/a> 1961, in order to have a reporting mechanism of transactions in the real estate sector and also to collect taxes at the earliest point of time.<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Threshold_limit\"><\/span><strong>Threshold limit<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">With an intention to reduce the compliance burden on the small taxpayers, Tax shall not be deducted for the transactions less than 50 Lakhs.<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"The_requirement_to_deduct_TDS_on_Property_Purchase\"><\/span><strong>The requirement to deduct TDS on Property Purchase<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">TDS shall be deducted on the transfer of certain immovable property such as land (Other than agriculture land), <\/span><span style=\"font-weight: 400;\">any building or any part of building<\/span><span style=\"font-weight: 400;\">, where such consideration <\/span><span style=\"font-weight: 400;\">is Rs.50 lakh or more.<\/span><\/p>\n<p><strong>In the following cases, Tds shall not be deducted under section 194IA<\/strong><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Transfer of Immovable property as rural agriculture land<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Immovable property which is acquired by way of compulsory acquisition under any law for the time being in force<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">In cases where consideration paid for the transfer of immovable property is less than Rs.50 lakh.<\/span><\/li>\n<\/ul>\n<h2><span class=\"ez-toc-section\" id=\"Rate_of_TDS_on_Purchase_of_Property\"><\/span><strong>Rate of TDS on Purchase of Property :<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">TDS shall be deducted at the rate of one percent(1%) of such sum or consideration.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">w.e.f. 01\/09\/2019, Tds shall be deducted at the rate of one percent (1%) on all payments in the nature of club membership fee, car parking fee, electricity and water facility fees, maintenance fee, advance fee or any other charges of similar nature, which are incidental to the transfer of immovable property.<\/span><\/p>\n<p><span style=\"font-weight: 400;\"><strong>Note:<\/strong> TDS shall be deducted at the rate of 20% if such a person is failed to furnish the PAN.<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"When_TDS_shall_be_deducted_on_Purchase_of_Property\"><\/span><strong>When TDS shall be deducted on Purchase of Property:<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><strong>TDS shall be deducted at the earlier of the below<\/strong><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">At the time of credit <\/span><span style=\"font-weight: 400;\">of such sum or amount or consideration to the account of the transferor.<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Or<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">At the time of payment of such sum or amount or consideration in cash or by the issue of a cheque\/draft or by any other mode.<\/span><\/li>\n<\/ul>\n<h2><span class=\"ez-toc-section\" id=\"Deposit_of_Tds_to_the_central_government\"><\/span><strong>Deposit of Tds\u00a0 to the central government<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">TDS deducted on purchase of property u\/s 194IA shall be deposited to the credit of Central Government by remitting it electronically to Reserve Bank of India (RBI) or State Bank of India (SBI) or to any authorized bank, within the period of 30days from the month of deduction.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The Payment should be accompanied by challan cum statement in form no.26QB.<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Form_16B\"><\/span><strong>Form 16B<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">The person who deducted TDS on purchase of property u\/s194IA is liable to furnish the <a href=\"https:\/\/aktassociates.com\/blog\/tds-certificate\/\">TDS certificate<\/a> in form no.16QB to the seller within a period of 15 days from the due date of furnishing challan cum statement in form.26QB.<\/span><\/p>\n<p><a href=\"https:\/\/aktassociates.com\/nri-lower-tds-certificate-sale-of-property-in-india\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-2381 size-full\" src=\"https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2019\/10\/NRI-PRoperty-purchase-compliance.png\" alt=\"NRI PRoperty purchase compliance\" width=\"700\" height=\"150\" srcset=\"https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2019\/10\/NRI-PRoperty-purchase-compliance.png 700w, https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2019\/10\/NRI-PRoperty-purchase-compliance-300x64.png 300w, https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2019\/10\/NRI-PRoperty-purchase-compliance-20x4.png 20w\" sizes=\"(max-width: 700px) 100vw, 700px\" \/><\/a><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Definitions_under_section_194IA\"><\/span><strong>Definitions under section 194IA<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<h3><span class=\"ez-toc-section\" id=\"Immovable_Property\"><\/span><strong>Immovable Property<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Immovable Property means any building or any part of building or any land other than agriculture land.<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"Agriculture_Land\"><\/span><strong>Agriculture Land<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Agriculture land means any land excluding the land prescribed under section 2(14)(iii)(a)&amp;(b).<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Agriculture land means the land which is not situated under the following area<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Within the jurisdiction of Municipality or Cantonment Board having population &lt; 10,000.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Within any area the distance measured aerially as prescribed below<\/span><\/li>\n<\/ul>\n<table>\n<tbody>\n<tr>\n<td><span style=\"font-weight: 400;\">Municipality Population<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Distance as measured from Municipality or Cantonment Board<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Population &gt; 10,000 but &lt; 1,00,000<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Within 2 kms<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Population &gt; 100,000 but &lt; 10,00,000<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Within 6 kms<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Population &lt; 10,00,000<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Within 8 kms<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Tax Deducted Source(TDS) is a concept of collecting taxes at the very source of income. As per this concept, tax &#8230; <\/p>\n<p class=\"read-more-container\"><a title=\"Know all About TDS on Property Purchases\" class=\"read-more button\" href=\"https:\/\/aktassociates.com\/blog\/tds-on-property-purchases\/#more-2379\">Read more<span class=\"screen-reader-text\">Know all About TDS on Property Purchases<\/span><\/a><\/p>\n","protected":false},"author":4,"featured_media":2373,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[107],"tags":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.8 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Know all About TDS on Property Purchases AKT Associates<\/title>\n<meta name=\"description\" content=\"Tax Deducted Source(TDS) is a concept of collecting taxes at the very source of income. 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