My father is purchasing a house on UP for 65 lakhs. Does he require to deduct tax from the sale pro…
My father is purchasing a house on UP for 65 lakhs. Does he require to deduct tax from the sale proceed?
Jeeba Jun. 15, 2018
Yes, he should deduct tax of 1% on the consideration paid for the house property.
As per the act, TDS of 1% should be deducted by the purchaser of the property on the value of the consideration received on transfer of immovable property.
However, If the seller doesn’t have a PAN, then Tax needs to be deducted at the rate of 20% instead of 1%.
