How do I pay TDS online for a property purchased in Karnataka?
TDS stands for Tax Deducted at Source. At the time of purchasing property, the buyer is liable to deduct TDS from buying price and pay TDS to Income Tax Department. Who Pays TDS: As per the government regulation, the buyer responsible to deduct the TDS and not the seller. If the buyer does not discharge this duty of TDS payment, buyer can be penalized for non-payment. TDS rate: 1% TDS is applicable if property purchase value or guidance value is more than Rs. 50 Lakhs, whichever is higher. TDS on purchase of property is applicable for residential property, commercial property and land. But this does not include agricultural land. TDS for NRIs is different because the government deducts capital gains and TDS for the NRIs. Below is the TDS rate for NRIs When to pay TDS: Buyer need to pay the TDS on or before registering the sale deed, as the registering officer verifies the TDS challan before proceeding sale deed registration, also It is important to mention TDS Challan numbe...