If you are looking to purchase property in India, it is important to understand the tax implications of your purchase. As a property buyer, you need to know about tax deducted at source or TDS.
RBG Consultant has a lot of experience in this field and has been helping not just buyers but also sellers. We know the ins and outs of TDS on property and make sure that our clients also get the required knowledge and information.
When you buy property in India, you are liable to pay TDS. This is as per the tax regulations in India, wherein the buyer deducts a specific percentage of the selling price of the property. Thereafter, this TDS on property is deposited with the Indian government. There is a reason why the buyer needs to deduct and deposit TDS on property. It is to ensure that the seller doesn't evade taxes on the capital gains that they enjoy after selling a property.
Buyers and sellers need to be aware that TDS on property is only applicable when the selling price goes over a specific value. In India, this stands at INR50 lakhs. However, the amount can change if the TDS laws and property laws change. So, if the selling price of a property is more than INR50 lakhs, the buyer has to deduct 1% of the selling price as TDS. This 1% is then deposited with the government as TDS on the property sale.
Dwarka, located in the National Capital Territory of Delhi, has witnessed significant real estate development in recent years. Whether you are property buyer or seller in Dwarka, it is important to know that the TDS on property in Dwarka is the same as the rest of Delhi and other parts of India. So, if the selling price is more than INR50 lakhs, you, as a buyer, would need to deduct 1% of the selling price as TDS.
If you intend to buy or purchase property, you need the experience and knowledge of RBG Consultant. When it comes to TDS on purchase of property, we have the right expertise to help you. Schedule an appointment today with us to understand more.
