E-payment of TDS on sale of property
The buyer of an immovable property (land, flat, apartment, shop or a bungalow) which is valued at `50 lakh or more is required to pay a withholding tax to the government. The prevailing withholding tax is deducted at source, and is 1% of the consideration payable to the seller. It is the responsibility of the buyer to deduct the tax and deposit the same in the government treasury.
Where
The buyer needs to visit the Tax Information Network (TIN) website which can be accessed at the following URL: https:onlineservices.tin.egov-nsdl.cometaxnewtdsnontds.jsp
Details
Address and details of the property such as total consideration payable, type of property and payment details should be provided. TDS needs to be paid on the amount paid payable to the seller.
Joint parties
If the property transaction has more than one party as a buyer or seller, Form 26QB needs to be filled in by each buyer for unique buyer-seller combination for the respective share. For example, in case of two buyers and two sellers, four forms must be filled for respective shares.
Payment of tax
The buyer has the option to pay the tax online through the e-tax payment option immediately or at a subsequent date. Alternatively, he can make the payment by visiting any authorised bank branch.
The buyer of the property is not required to procure a TAN (TDS Account Number) for the payment of TDS on sale of property. The acknowledgement number issued for e-payment needs to be retained by the buyer tax payer and presented to the authorised bank for further payments.
Best Tax Saver Mutual Funds or ELSS Mutual Funds for 2015
1. ICICI Prudential Tax Plan
2. Reliance Tax Saver (ELSS) Fund
3. HDFC TaxSaver
4. DSP BlackRock Tax Saver Fund
5. Religare Tax Plan
6. Franklin India TaxShield
7. Canara Robeco Equity Tax Saver
8. IDFC Tax Advantage (ELSS) Fund
9. Axis Tax Saver Fund
10. BNP Paribas Long Term Equity Fund
You can invest Rs 1,50,000 and Save Tax under Section 80C by investing in Mutual Funds
Invest in Tax Saver Mutual Funds Online -
For further information contact Prajna Capital on 94 8300 8300 by leaving a missed call
---------------------------------------------
Leave your comment with mail ID and we will answer them
OR
You can write to us at
PrajnaCapital [at] Gmail [dot] Com
OR
Leave a missed Call on 94 8300 8300
---------------------------------------------
Invest Mutual Funds Online
Download Mutual Fund Application Forms from all AMCs
0 comments:
Post a Comment