{"id":5991,"date":"2023-12-02T13:44:25","date_gmt":"2023-12-02T13:44:25","guid":{"rendered":"https:\/\/propertycloud.in\/blog\/?p=5991"},"modified":"2024-09-28T05:25:05","modified_gmt":"2024-09-28T05:25:05","slug":"tds-on-house-property","status":"publish","type":"post","link":"https:\/\/propertycloud.in\/blog\/tds-on-house-property\/","title":{"rendered":"TDS on Purchase &amp; Sale of House Property: Everything You Need to Know"},"content":{"rendered":"\n<p>The Real Estate sector is the most known in India. It has grown by 120 billion U.S. dollars in 2017 and is approximated to reach up to one trillion by 2030, this data is given by <a href=\"https:\/\/taxguru.in\/income-tax\/tds-purchase-sale-property.html\">tax guru<\/a>. So the purchase and sales of property and homes are going to increase rapidly. Besides the budget, 2022 was also a capital investment concentrated budget. It indicates that the government is also investing in infrastructural development projects.<\/p>\n\n\n\n<p>The purchase and sale of immovable property are very frequent transactions, so TDS on house property first comes to the mind of sellers\/buyers.<\/p>\n\n\n\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_68_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 \" >Table of Contents<\/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: #999;color:#999\" 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: #999;color:#999\" 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 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/propertycloud.in\/blog\/tds-on-house-property\/#What_is_TDS_and_why_should_you_know_about_it\" title=\"What is TDS, and why should you know about it?\">What is TDS, and why should you know about it?<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/propertycloud.in\/blog\/tds-on-house-property\/#Who_deducts_the_TDS_in_real_estate_transactions\" title=\"Who deducts the TDS in real estate transactions?\">Who deducts the TDS in real estate transactions?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/propertycloud.in\/blog\/tds-on-house-property\/#Significance_of_Budget_2022_in_TDS\" title=\"Significance of Budget 2022 in TDS?\">Significance of Budget 2022 in TDS?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/propertycloud.in\/blog\/tds-on-house-property\/#How_to_deposit_the_TDS_deducted_amount\" title=\"How to deposit the TDS deducted amount?\">How to deposit the TDS deducted amount?<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/propertycloud.in\/blog\/tds-on-house-property\/#When_TDS_deduction_on_the_purchase_of_house_property_is_not_required\" title=\"When TDS deduction on the purchase of house property is not required?&nbsp;&nbsp;\">When TDS deduction on the purchase of house property is not required?&nbsp;&nbsp;<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/propertycloud.in\/blog\/tds-on-house-property\/#Practical_issues_in_TDS_deduction\" title=\"Practical issues in TDS deduction?\">Practical issues in TDS deduction?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/propertycloud.in\/blog\/tds-on-house-property\/#TDS_deduction_on_purchase_of_house_property\" title=\"TDS deduction on purchase of house property\">TDS deduction on purchase of house property<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/propertycloud.in\/blog\/tds-on-house-property\/#Applicability_of_TDS_deduction\" title=\"Applicability of TDS deduction\">Applicability of TDS deduction<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/propertycloud.in\/blog\/tds-on-house-property\/#Rate_of_TDS_deduction\" title=\"Rate of TDS deduction\">Rate of TDS deduction<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/propertycloud.in\/blog\/tds-on-house-property\/#Threshold\" title=\"Threshold\">Threshold<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/propertycloud.in\/blog\/tds-on-house-property\/#The_PAN_of_Seller_and_Buyer\" title=\"The PAN of Seller and Buyer\">The PAN of Seller and Buyer<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/propertycloud.in\/blog\/tds-on-house-property\/#Form_26QB\" title=\"Form 26QB\">Form 26QB<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-13\" href=\"https:\/\/propertycloud.in\/blog\/tds-on-house-property\/#TDS_payment_should_go_to_the_government\" title=\"TDS payment should go to the government&nbsp;\">TDS payment should go to the government&nbsp;<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-14\" href=\"https:\/\/propertycloud.in\/blog\/tds-on-house-property\/#Documents_requirement_to_pay_TDS\" title=\"Documents requirement to pay TDS&nbsp;\">Documents requirement to pay TDS&nbsp;<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-15\" href=\"https:\/\/propertycloud.in\/blog\/tds-on-house-property\/#Permanent_Account_Number_PAN\" title=\"Permanent Account Number (PAN)\">Permanent Account Number (PAN)<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-16\" href=\"https:\/\/propertycloud.in\/blog\/tds-on-house-property\/#Form_26QB-2\" title=\"Form 26QB\">Form 26QB<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-17\" href=\"https:\/\/propertycloud.in\/blog\/tds-on-house-property\/#Necessity_sales_deed\" title=\"Necessity sales deed&nbsp;\">Necessity sales deed&nbsp;<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-18\" href=\"https:\/\/propertycloud.in\/blog\/tds-on-house-property\/#If_the_sale_agreement_is_separate\" title=\"If the sale agreement is separate&nbsp;\">If the sale agreement is separate&nbsp;<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-19\" href=\"https:\/\/propertycloud.in\/blog\/tds-on-house-property\/#Full_information_on_sale_consideration\" title=\"Full information on sale consideration\">Full information on sale consideration<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-20\" href=\"https:\/\/propertycloud.in\/blog\/tds-on-house-property\/#Details_information_about_the_property\" title=\"Details information about the property&nbsp;&nbsp;\">Details information about the property&nbsp;&nbsp;<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-21\" href=\"https:\/\/propertycloud.in\/blog\/tds-on-house-property\/#Should_have_buyer_and_seller_details\" title=\"Should have buyer and seller details\">Should have buyer and seller details<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-22\" href=\"https:\/\/propertycloud.in\/blog\/tds-on-house-property\/#Should_have_payment_details\" title=\"Should have payment details\">Should have payment details<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-23\" href=\"https:\/\/propertycloud.in\/blog\/tds-on-house-property\/#Should_have_bank_challan_details\" title=\"Should have bank challan details\">Should have bank challan details<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-24\" href=\"https:\/\/propertycloud.in\/blog\/tds-on-house-property\/#TDS_amount_calculation\" title=\"TDS amount calculation\">TDS amount calculation<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-25\" href=\"https:\/\/propertycloud.in\/blog\/tds-on-house-property\/#Date_of_deduction_of_TDS\" title=\"Date of deduction of TDS\">Date of deduction of TDS<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-26\" href=\"https:\/\/propertycloud.in\/blog\/tds-on-house-property\/#TAN_Tax_Deduction_and_Collection_Account_Number\" title=\"TAN (Tax Deduction and Collection Account Number)\">TAN (Tax Deduction and Collection Account Number)<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-27\" href=\"https:\/\/propertycloud.in\/blog\/tds-on-house-property\/#PAN_verification_is_important\" title=\"PAN verification is important\">PAN verification is important<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-28\" href=\"https:\/\/propertycloud.in\/blog\/tds-on-house-property\/#Benefits_of_paying_TDS_to_the_government\" title=\"Benefits of paying TDS&nbsp; to the government\">Benefits of paying TDS&nbsp; to the government<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-29\" href=\"https:\/\/propertycloud.in\/blog\/tds-on-house-property\/#A_steady_revenue_stream_for_the_government\" title=\"A steady revenue stream for the government\">A steady revenue stream for the government<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-30\" href=\"https:\/\/propertycloud.in\/blog\/tds-on-house-property\/#TDS_helps_in_reducing_tax_evasion\" title=\"TDS helps in reducing tax evasion\">TDS helps in reducing tax evasion<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-31\" href=\"https:\/\/propertycloud.in\/blog\/tds-on-house-property\/#TDS_helps_in_terms_of_convenience_for_taxpayers\" title=\"TDS helps in terms of convenience for taxpayers\">TDS helps in terms of convenience for taxpayers<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-32\" href=\"https:\/\/propertycloud.in\/blog\/tds-on-house-property\/#TDS_helps_to_comply_with_tax_laws\" title=\"TDS helps to comply with tax laws\">TDS helps to comply with tax laws<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-33\" href=\"https:\/\/propertycloud.in\/blog\/tds-on-house-property\/#TDS_helps_to_reduce_tax_liability\" title=\"TDS helps to reduce tax liability\">TDS helps to reduce tax liability<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-34\" href=\"https:\/\/propertycloud.in\/blog\/tds-on-house-property\/#TDS_provides_transparency\" title=\"TDS provides transparency\">TDS provides transparency<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-35\" href=\"https:\/\/propertycloud.in\/blog\/tds-on-house-property\/#TDS_helps_in_terms_of_financial_discipline\" title=\"TDS helps in terms of financial discipline\">TDS helps in terms of financial discipline<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-36\" href=\"https:\/\/propertycloud.in\/blog\/tds-on-house-property\/#Compliance_with_legal_requirements\" title=\"Compliance with legal requirements\">Compliance with legal requirements<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-37\" href=\"https:\/\/propertycloud.in\/blog\/tds-on-house-property\/#TDS_encourages_a_formal_economy\" title=\"TDS encourages a formal economy\">TDS encourages a formal economy<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-38\" href=\"https:\/\/propertycloud.in\/blog\/tds-on-house-property\/#TDS_supports_government_initiatives\" title=\"TDS supports government initiatives\">TDS supports government initiatives<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-39\" href=\"https:\/\/propertycloud.in\/blog\/tds-on-house-property\/#TDS_necessary_to_be_paid_on_the_property\" title=\"TDS necessary to be paid on the property\">TDS necessary to be paid on the property<\/a><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"What_is_TDS_and_why_should_you_know_about_it\"><\/span>What is TDS, and why should you know about it?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>TDS is a legal tax deduction scheme that applies in India to the purchase and sale of residential real estate. The buyer is required to deduct a portion of the transaction price and submit it to the government as TDS when buying a property worth more than a specific amount. Additionally, as a buyer, you can <a href=\"https:\/\/propertycloud.in\/blog\/cost-of-living-in-mumbai-vs-bangalore\/\">compare the cost of living in Mumbai vs Bangalore<\/a> if you intend to purchase real estate in one of these major cities.<\/p>\n\n\n\n<p>Similarly, when selling a home, the seller may be required to pay TDS. The Income Tax Act specifies the applicable rate for TDS on property transfers as well as the exact processes for deduction and deposit. Noncompliance with TDS regulations may result in penalties.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Who_deducts_the_TDS_in_real_estate_transactions\"><\/span>Who deducts the TDS in real estate transactions?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>When buying a property, a buyer has the option to deduct TDS at the rate of 1% if the sale value is 50 lakhs or more. However, starting on April 1, 2022, TDS must be deducted if the sale value or stamp duty value (S.D.V.) of the house or property exceeds fifty lakhs. In India, TDS is additionally accessible when <a href=\"https:\/\/propertycloud.in\/blog\/huf-hindu-undivided-family-property\/\">buying or selling property owned by the HUF family<\/a>.&nbsp;<\/p>\n\n\n\n<p>TDS is to be deducted on all different types of properties, whether it be residential, commercial, or industrial property, except agricultural land because the land <a href=\"https:\/\/propertycloud.in\/blog\/what-is-bigha\/\">measurement is done in Bigha<\/a> which is a traditional form of measuring the land.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Significance_of_Budget_2022_in_TDS\"><\/span>Significance of Budget 2022 in TDS?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Buyers should have to deduct TDS on house property at the rate of 1% even if the sale value of a property is less than the stamp duty value.&nbsp;<\/p>\n\n\n\n<div class=\"wptb-table-container wptb-table-5992\"><div class=\"wptb-table-container-matrix\" id=\"wptb-table-id-5992\" data-wptb-version=\"1.5.0\" data-wptb-pro-status=\"false\"><table class=\"wptb-preview-table wptb-element-main-table_setting-5992\" data-reconstraction=\"1\" style=\"border: 1px solid rgb(209, 209, 209);\" data-wptb-table-tds-sum-max-width=\"525\" data-wptb-cells-width-auto-count=\"4\" data-wptb-horizontal-scroll-status=\"false\" data-wptb-extra-styles=\"LyogRW50ZXIgeW91ciBjdXN0b20gQ1NTIHJ1bGVzIGhlcmUgKi8=\" role=\"table\" data-wptb-header-background-color=\"#013578FF\" data-table-columns=\"4\"><tbody><tr class=\"wptb-row\" style=\"background-color: rgb(1, 53, 120);\"><td class=\"wptb-cell\" data-y-index=\"0\" data-x-index=\"0\" style=\"border: 1px solid rgb(209, 209, 209);\" data-wptb-css-td-auto-width=\"true\"><div class=\"wptb-text-container wptb-ph-element wptb-element-text-597\" style=\"color: rgb(0, 0, 0); font-size: 15px;\"><div class=\"\"><p><\/p><\/div><\/div><\/td><td class=\"wptb-cell\" data-y-index=\"0\" data-x-index=\"1\" style=\"border: 1px solid rgb(209, 209, 209);\" data-wptb-css-td-auto-width=\"true\"><div class=\"wptb-text-container wptb-ph-element wptb-element-text-598\" style=\"color: rgb(255, 255, 255); font-size: 15px;\"><div class=\"\" style=\"position: relative;\"><p><strong>Sales Value<\/strong><\/p><\/div><\/div><\/td><td class=\"wptb-cell\" data-y-index=\"0\" data-x-index=\"2\" style=\"border: 1px solid rgb(209, 209, 209);\" data-wptb-css-td-auto-width=\"true\"><div class=\"wptb-text-container wptb-ph-element wptb-element-text-599\" style=\"color: rgb(255, 255, 255); font-size: 15px;\"><div class=\"\" style=\"position: relative;\"><p><strong>Stamp Duty Value(S.D.V)<\/strong><\/p><\/div><\/div><\/td><td class=\"wptb-cell\" data-y-index=\"0\" data-x-index=\"3\" style=\"border: 1px solid rgb(209, 209, 209);\" data-wptb-css-td-auto-width=\"true\"><div class=\"wptb-text-container wptb-ph-element wptb-element-text-600\" style=\"color: rgb(255, 255, 255); font-size: 15px;\"><div class=\"\" style=\"position: relative;\"><p><strong>Significances and Applicable of TDS<\/strong><\/p><\/div><\/div><\/td><\/tr><tr class=\"wptb-row\" style=\"--hover-bg-color: undefined;\"><td class=\"wptb-cell\" data-y-index=\"1\" data-x-index=\"0\" style=\"border: 1px solid rgb(209, 209, 209);\" data-wptb-css-td-auto-width=\"true\"><div class=\"wptb-text-container wptb-ph-element wptb-element-text-601\" style=\"color: rgb(0, 0, 0); font-size: 15px;\"><div class=\"\" style=\"position: relative;\"><p><strong>Case 1<\/strong><\/p><\/div><\/div><\/td><td class=\"wptb-cell\" data-y-index=\"1\" data-x-index=\"1\" style=\"border: 1px solid rgb(209, 209, 209);\" data-wptb-css-td-auto-width=\"true\"><div class=\"wptb-text-container wptb-ph-element wptb-element-text-602\" style=\"color: rgb(0, 0, 0); font-size: 15px;\"><div class=\"\" style=\"position: relative;\"><p> 60,00,000<\/p><\/div><\/div><\/td><td class=\"wptb-cell\" data-y-index=\"1\" data-x-index=\"2\" style=\"border: 1px solid rgb(209, 209, 209);\" data-wptb-css-td-auto-width=\"true\"><div class=\"wptb-text-container wptb-ph-element wptb-element-text-603\" style=\"color: rgb(0, 0, 0); font-size: 15px;\"><div class=\"\" style=\"position: relative;\"><p> 70,000,00<\/p><\/div><\/div><\/td><td class=\"wptb-cell\" data-y-index=\"1\" data-x-index=\"3\" style=\"border: 1px solid rgb(209, 209, 209);\" data-wptb-css-td-auto-width=\"true\"><div class=\"wptb-text-container wptb-ph-element wptb-element-text-604\" style=\"color: rgb(0, 0, 0); font-size: 15px;\"><div class=\"\" style=\"position: relative;\"><p>Till 31 March 2022 TDS is required to be deducted @1% on 60,000,00. From 1 April 2022, TDS is required to be deducted @1% on 70,000,00. So the difference of 10,000.00 will be taxable in the hands of the buyers <\/p><\/div><\/div><\/td><\/tr><tr class=\"wptb-row\" style=\"--hover-bg-color: undefined;\"><td class=\"wptb-cell\" data-y-index=\"2\" data-x-index=\"0\" style=\"border: 1px solid rgb(209, 209, 209);\" data-wptb-css-td-auto-width=\"true\"><div class=\"wptb-text-container wptb-ph-element wptb-element-text-605\" style=\"color: rgb(0, 0, 0); font-size: 15px;\"><div class=\"\" style=\"position: relative;\"><p><strong>Case 2<\/strong><\/p><\/div><\/div><\/td><td class=\"wptb-cell\" data-y-index=\"2\" data-x-index=\"1\" style=\"border: 1px solid rgb(209, 209, 209);\" data-wptb-css-td-auto-width=\"true\"><div class=\"wptb-text-container wptb-ph-element wptb-element-text-606\" style=\"color: rgb(0, 0, 0); font-size: 15px;\"><div class=\"\" style=\"position: relative;\"><p> 70,000,00<\/p><\/div><\/div><\/td><td class=\"wptb-cell\" data-y-index=\"2\" data-x-index=\"2\" style=\"border: 1px solid rgb(209, 209, 209);\" data-wptb-css-td-auto-width=\"true\"><div class=\"wptb-text-container wptb-ph-element wptb-element-text-607\" style=\"color: rgb(0, 0, 0); font-size: 15px;\"><div class=\"\" style=\"position: relative;\"><p> 60,000,00<\/p><\/div><\/div><\/td><td class=\"wptb-cell\" data-y-index=\"2\" data-x-index=\"3\" style=\"border: 1px solid rgb(209, 209, 209);\" data-wptb-css-td-auto-width=\"true\"><div class=\"wptb-text-container wptb-ph-element wptb-element-text-608\" style=\"color: rgb(0, 0, 0); font-size: 15px;\"><div class=\"\" style=\"position: relative;\"><p>TDS should be deducted by @1% on 70,000,00<\/p><\/div><\/div><\/td><\/tr><tr class=\"wptb-row\" style=\"--hover-bg-color: undefined;\"><td class=\"wptb-cell\" data-y-index=\"3\" data-x-index=\"0\" style=\"border: 1px solid rgb(209, 209, 209);\" data-wptb-css-td-auto-width=\"true\"><div class=\"wptb-text-container wptb-ph-element wptb-element-text-609\" style=\"color: rgb(0, 0, 0); font-size: 15px;\"><div class=\"\" style=\"position: relative;\"><p><strong>Case 3<\/strong><\/p><\/div><\/div><\/td><td class=\"wptb-cell\" data-y-index=\"3\" data-x-index=\"1\" style=\"border: 1px solid rgb(209, 209, 209);\" data-wptb-css-td-auto-width=\"true\"><div class=\"wptb-text-container wptb-ph-element wptb-element-text-610\" style=\"color: rgb(0, 0, 0); font-size: 15px;\"><div class=\"\" style=\"position: relative;\"><p> 60,000,00<\/p><\/div><\/div><\/td><td class=\"wptb-cell\" data-y-index=\"3\" data-x-index=\"2\" style=\"border: 1px solid rgb(209, 209, 209);\" data-wptb-css-td-auto-width=\"true\"><div class=\"wptb-text-container wptb-ph-element wptb-element-text-611\" style=\"color: rgb(0, 0, 0); font-size: 15px;\"><div class=\"\" style=\"position: relative;\"><p> 60,000,00<\/p><\/div><\/div><\/td><td class=\"wptb-cell\" data-y-index=\"3\" data-x-index=\"3\" style=\"border: 1px solid rgb(209, 209, 209);\" data-wptb-css-td-auto-width=\"true\"><div class=\"wptb-text-container wptb-ph-element wptb-element-text-612\" style=\"color: rgb(0, 0, 0); font-size: 15px;\"><div class=\"\" style=\"position: relative;\"><p> TDS should be deducted by @1% on 60,000,00<\/p><\/div><\/div><\/td><\/tr><tr class=\"wptb-row\" style=\"--hover-bg-color: undefined;\"><td class=\"wptb-cell\" data-y-index=\"4\" data-x-index=\"0\" style=\"border: 1px solid rgb(209, 209, 209);\" data-wptb-css-td-auto-width=\"true\"><div class=\"wptb-text-container wptb-ph-element wptb-element-text-613\" style=\"color: rgb(0, 0, 0); font-size: 15px;\"><div class=\"\" style=\"position: relative;\"><p><strong>Case 4<\/strong><\/p><\/div><\/div><\/td><td class=\"wptb-cell\" data-y-index=\"4\" data-x-index=\"1\" style=\"border: 1px solid rgb(209, 209, 209);\" data-wptb-css-td-auto-width=\"true\"><div class=\"wptb-text-container wptb-ph-element wptb-element-text-614\" style=\"color: rgb(0, 0, 0); font-size: 15px;\"><div class=\"\" style=\"position: relative;\"><p> 45,000,00<\/p><\/div><\/div><\/td><td class=\"wptb-cell\" data-y-index=\"4\" data-x-index=\"2\" style=\"border: 1px solid rgb(209, 209, 209);\" data-wptb-css-td-auto-width=\"true\"><div class=\"wptb-text-container wptb-ph-element wptb-element-text-615\" style=\"color: rgb(0, 0, 0); font-size: 15px;\"><div class=\"\" style=\"position: relative;\"><p> 55,000,00<\/p><\/div><\/div><\/td><td class=\"wptb-cell\" data-y-index=\"4\" data-x-index=\"3\" style=\"border: 1px solid rgb(209, 209, 209);\" data-wptb-css-td-auto-width=\"true\"><div class=\"wptb-text-container wptb-ph-element wptb-element-text-616\" style=\"color: rgb(0, 0, 0); font-size: 15px;\"><div class=\"\" style=\"position: relative;\"><p> Till 31 March 2022 TDS should not be deducted as the sales value is not more than 50 lakhs. But from 1 April 2022, TDS should be deducted on 55,000,00 and other tax charges will also be applied.&nbsp;<\/p><\/div><\/div><\/td><\/tr><tr class=\"wptb-row\" style=\"--hover-bg-color: undefined;\"><td class=\"wptb-cell\" data-y-index=\"5\" data-x-index=\"0\" style=\"border: 1px solid rgb(209, 209, 209);\" data-wptb-css-td-auto-width=\"true\"><div class=\"wptb-text-container wptb-ph-element wptb-element-text-617\" style=\"color: rgb(0, 0, 0); font-size: 15px;\"><div class=\"\" style=\"position: relative;\"><p><strong>Case 5<\/strong><\/p><\/div><\/div><\/td><td class=\"wptb-cell\" data-y-index=\"5\" data-x-index=\"1\" style=\"border: 1px solid rgb(209, 209, 209);\" data-wptb-css-td-auto-width=\"true\"><div class=\"wptb-text-container wptb-ph-element wptb-element-text-618\" style=\"color: rgb(0, 0, 0); font-size: 15px;\"><div class=\"\" style=\"position: relative;\"><p> 45,000,00<\/p><\/div><\/div><\/td><td class=\"wptb-cell\" data-y-index=\"5\" data-x-index=\"2\" style=\"border: 1px solid rgb(209, 209, 209);\" data-wptb-css-td-auto-width=\"true\"><div class=\"wptb-text-container wptb-ph-element wptb-element-text-619\" style=\"color: rgb(0, 0, 0); font-size: 15px;\"><div class=\"\" style=\"position: relative;\"><p> 45,000,00<\/p><\/div><\/div><\/td><td class=\"wptb-cell\" data-y-index=\"5\" data-x-index=\"3\" style=\"border: 1px solid rgb(209, 209, 209);\" data-wptb-css-td-auto-width=\"true\"><div class=\"wptb-text-container wptb-ph-element wptb-element-text-620\" style=\"color: rgb(0, 0, 0); font-size: 15px;\"><div class=\"\" style=\"position: relative;\"><p> TDS should not be deducted as per the rule because the sales value and SDV are less than 50 lakhs.<\/p><\/div><\/div><\/td><\/tr><\/tbody><\/table>\n<\/div><\/div>\n\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"How_to_deposit_the_TDS_deducted_amount\"><\/span>How to deposit the TDS deducted amount?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Buyers are not required to take the TAN number. He or She can simply fill out the 26B form which is available on the website- <a href=\"https:\/\/www.incometax.gov.in\/iec\/foportal\/\">https:\/\/www.incometax.gov.in\/iec\/foportal\/<\/a> and deposit the TDS amount to the government from the seller.&nbsp;<\/p>\n\n\n\n<p>The TDS amount that has been deducted at the time of the property payment transaction should be deposited to the government within 30 days from the month in which the TDS deduction is made. Buyer should be required to equip the TDS certificate from form 16B to the seller between 10 to 15 days after depositing the TDS deducted amount.&nbsp;&nbsp;<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img loading=\"lazy\" decoding=\"async\" width=\"590\" height=\"470\" src=\"https:\/\/propertycloud.in\/blog\/wp-content\/uploads\/2023\/12\/image-5.png\" alt=\"TDS form 26QB\" class=\"wp-image-5995\" srcset=\"https:\/\/propertycloud.in\/blog\/wp-content\/uploads\/2023\/12\/image-5.png 590w, https:\/\/propertycloud.in\/blog\/wp-content\/uploads\/2023\/12\/image-5-300x239.png 300w\" sizes=\"auto, (max-width: 590px) 100vw, 590px\" \/><figcaption class=\"wp-element-caption\">TDS form 26QB<\/figcaption><\/figure>\n\n\n\n<p>Source: <a href=\"https:\/\/bemoneyaware.com\/how-to-pay-tds-on-property\/\">Bemoneyaware<\/a><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"When_TDS_deduction_on_the_purchase_of_house_property_is_not_required\"><\/span>When TDS deduction on the purchase of house property is not required?&nbsp;&nbsp;<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<ol class=\"wp-block-list\">\n<li>When the sales amount or Stamp Duty Value (S.D.V) of property or home is less than 50 Lacs.&nbsp;<\/li>\n\n\n\n<li>If a property is considered for agricultural land.<\/li>\n\n\n\n<li>If the seller is a non-resident of the country then section 195 applies.<\/li>\n<\/ol>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Practical_issues_in_TDS_deduction\"><\/span>Practical issues in TDS deduction?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<ol class=\"wp-block-list\">\n<li>TDS should be paid in total amount, but excluding GST amount.<\/li>\n\n\n\n<li>One cannot apply for the lower deduction of the TDS amount as per the rule.&nbsp;&nbsp;<\/li>\n\n\n\n<li>In the case of a home loan, the TDS is deducted at the time when payment is made to the seller, not when the bank pays the EMI.<\/li>\n\n\n\n<li>In the case when there is more than one buyer and the individual purchase amount of each buyer is less than 50 lacs, but the total payment exceeds 50 lacs then the TDS is necessary to be deducted.&nbsp;<\/li>\n\n\n\n<li>TDS should also be deducted on advance payment.<\/li>\n\n\n\n<li>No additional or extra charge on TDS.<\/li>\n<\/ol>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"TDS_deduction_on_purchase_of_house_property\"><\/span>TDS deduction on purchase of house property<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>TDS deduction on the purchase of house property is a legal requirement in India. When someone purchases a property that is worth more than a certain amount, they have to take out a certain amount (currently 1%) as TDS from the sale consideration of the property.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Applicability_of_TDS_deduction\"><\/span>Applicability of TDS deduction<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>TDS on house property is applicable when the property is being bought from a resident seller. It doesn\u2019t apply to property bought from a non-resident seller. By purchasing an 18.6-acre plot of land in Mumba\u2019s Kandivali neighborhood,<\/p>\n\n\n\n<p>In India, there&#8217;s a tax (TDS) deducted by the buyer when purchasing a house from a resident seller. This doesn&#8217;t apply to non-residents. This might be a consideration if you&#8217;re <a href=\"https:\/\/propertycloud.in\/blog\/godrej-codename-big-bull-kandivali-east-mumbai\/\">looking at Godrej Codename Big Bull<\/a> project in Kandivali, offering modern amenities, a luxurious lifestyle, and Vastu-compliant designs.<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img loading=\"lazy\" decoding=\"async\" width=\"1600\" height=\"900\" src=\"https:\/\/propertycloud.in\/blog\/wp-content\/uploads\/2023\/12\/image-9.png\" alt=\"\" class=\"wp-image-5998\" srcset=\"https:\/\/propertycloud.in\/blog\/wp-content\/uploads\/2023\/12\/image-9.png 1600w, https:\/\/propertycloud.in\/blog\/wp-content\/uploads\/2023\/12\/image-9-300x169.png 300w, https:\/\/propertycloud.in\/blog\/wp-content\/uploads\/2023\/12\/image-9-1024x576.png 1024w, https:\/\/propertycloud.in\/blog\/wp-content\/uploads\/2023\/12\/image-9-768x432.png 768w, https:\/\/propertycloud.in\/blog\/wp-content\/uploads\/2023\/12\/image-9-1536x864.png 1536w\" sizes=\"auto, (max-width: 1600px) 100vw, 1600px\" \/><\/figure>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Rate_of_TDS_deduction\"><\/span>Rate of TDS deduction<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>The TDS on house property is 1% of the property&#8217;s sale consideration value and as they can change over time, there are also so many <a href=\"https:\/\/propertycloud.in\/blog\/property-transfer-charges\/\">property transfer charges in India<\/a>.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Threshold\"><\/span>Threshold<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>If the property&#8217;s sale consideration value is less than \u20b950 lakhs, no TDS is applicable. This means TDS is only deducted on transactions above this threshold.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"The_PAN_of_Seller_and_Buyer\"><\/span>The PAN of Seller and Buyer<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Both the buyer and seller must have a Permanent Account Number (PAN). The TDS is deducted and deposited with the government using these PANs.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Form_26QB\"><\/span>Form 26QB<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>The buyer is responsible for deducting the TDS and depositing it to the government. This should be done using Form 26QB, which is available on the income tax department&#8217;s website.<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img loading=\"lazy\" decoding=\"async\" width=\"1440\" height=\"277\" src=\"https:\/\/propertycloud.in\/blog\/wp-content\/uploads\/2023\/12\/image-6.png\" alt=\"E-Payment of TDS form 26 QB\" class=\"wp-image-5994\" srcset=\"https:\/\/propertycloud.in\/blog\/wp-content\/uploads\/2023\/12\/image-6.png 1440w, https:\/\/propertycloud.in\/blog\/wp-content\/uploads\/2023\/12\/image-6-300x58.png 300w, https:\/\/propertycloud.in\/blog\/wp-content\/uploads\/2023\/12\/image-6-1024x197.png 1024w, https:\/\/propertycloud.in\/blog\/wp-content\/uploads\/2023\/12\/image-6-768x148.png 768w\" sizes=\"auto, (max-width: 1440px) 100vw, 1440px\" \/><figcaption class=\"wp-element-caption\">E-Payment of TDS form 26 QB<\/figcaption><\/figure>\n\n\n\n<p>Source: <a href=\"https:\/\/bemoneyaware.com\/how-to-pay-tds-on-property\/\">Bemoneyaware<\/a><\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"TDS_payment_should_go_to_the_government\"><\/span>TDS payment should go to the government&nbsp;<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>The TDS on house property must be paid to the government within a specific time frame, usually within a week of the end of the month in which the TDS was deducted.<\/p>\n\n\n\n<p>If you want to buy a house but are having trouble finding one that fits your budget, contact a property expert at <a href=\"https:\/\/propertycloud.in\/\">PropertyCloud<\/a>.<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img loading=\"lazy\" decoding=\"async\" width=\"1600\" height=\"900\" src=\"https:\/\/propertycloud.in\/blog\/wp-content\/uploads\/2023\/12\/image-7.png\" alt=\"Contact a property expert for stress-free and easy home buying.\" class=\"wp-image-5996\" srcset=\"https:\/\/propertycloud.in\/blog\/wp-content\/uploads\/2023\/12\/image-7.png 1600w, https:\/\/propertycloud.in\/blog\/wp-content\/uploads\/2023\/12\/image-7-300x169.png 300w, https:\/\/propertycloud.in\/blog\/wp-content\/uploads\/2023\/12\/image-7-1024x576.png 1024w, https:\/\/propertycloud.in\/blog\/wp-content\/uploads\/2023\/12\/image-7-768x432.png 768w, https:\/\/propertycloud.in\/blog\/wp-content\/uploads\/2023\/12\/image-7-1536x864.png 1536w\" sizes=\"auto, (max-width: 1600px) 100vw, 1600px\" \/><figcaption class=\"wp-element-caption\">Contact a property expert for stress-free and easy home buying.<\/figcaption><\/figure>\n\n\n\n<p><\/p>\n\n\n\n<div class=\"wp-block-buttons is-content-justification-center is-layout-flex wp-container-core-buttons-is-layout-16018d1d wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button has-custom-font-size has-small-font-size\"><a class=\"wp-block-button__link wp-element-button\" href=\"https:\/\/propertycloud.in\/blog\/contact-our-property-expert\/\">Contact Our Property Expert<\/a><\/div>\n<\/div>\n\n\n\n<p><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Documents_requirement_to_pay_TDS\"><\/span>Documents requirement to pay TDS&nbsp;<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Numerous documentation is often required for paying TDS on various transactions, including property acquisitions, to ensure compliance with tax requirements. The particular paperwork may vary depending on the nature of the transaction, but here are some usual criteria for TDS on property acquisitions in India:<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Permanent_Account_Number_PAN\"><\/span>Permanent Account Number (PAN)<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>The buyer and the seller (if x is the buyer) should have a valid PAN. This is a crucial requirement for TDS deductions and payments.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Form_26QB-2\"><\/span>Form 26QB<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Form 26QB is the Challan cum Statement for TDS on house property. One needs to fill out this form to make the TDS payment. One can find and fill out this form online on the Income Tax Department&#8217;s website.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Necessity_sales_deed\"><\/span>Necessity sales deed&nbsp;<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>A copy of the sale deed, which is the legal document that records the sale transaction. It should include details such as the property&#8217;s description, sale consideration, and the names of the parties involved.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"If_the_sale_agreement_is_separate\"><\/span>If the sale agreement is separate&nbsp;<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>If there is a separate sale agreement in addition to the sale deed, one may need a copy of that as well.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Full_information_on_sale_consideration\"><\/span>Full information on sale consideration<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Information about the total sale consideration value, which is the amount one should agree to pay for the property. This amount should be mentioned in the sale deed.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Details_information_about_the_property\"><\/span>Details information about the property&nbsp;&nbsp;<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Detailed information about the property, including its address, size, and any other relevant details. There are <a href=\"https:\/\/propertycloud.in\/blog\/types-of-houses-in-india\/\">different types of houses in India<\/a> so one should give all the information about the house or property<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Should_have_buyer_and_seller_details\"><\/span>Should have buyer and seller details<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Details of the buyer (if X is the seller) or seller (if Y is the buyer), including their name, address, and PAN.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Should_have_payment_details\"><\/span>Should have payment details<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Information about how the payment was made, such as the mode of payment (cheque, bank transfer, etc.) and the transaction date.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Should_have_bank_challan_details\"><\/span>Should have bank challan details<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>If one is paying the TDS through a bank, he will need the bank challan details.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"TDS_amount_calculation\"><\/span>TDS amount calculation<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>One will need to calculate the TDS on house property amount based on the applicable TDS rate (e.g., 1%) on the sale consideration value.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Date_of_deduction_of_TDS\"><\/span>Date of deduction of TDS<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>The date on which TDS was deducted. This should be the date of payment or credit, whichever is earlier.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"TAN_Tax_Deduction_and_Collection_Account_Number\"><\/span>TAN (Tax Deduction and Collection Account Number)<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>For example, if you are a buyer, you should have a TAN. It&#8217;s not required for individual buyers, but it is essential for other entities (like companies) making property transactions.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"PAN_verification_is_important\"><\/span>PAN verification is important<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Verify the PAN of the seller through the NSDL or UTITSL websites to ensure its validity.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Benefits_of_paying_TDS_to_the_government\"><\/span>Benefits of paying TDS&nbsp; to the government<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Paying TDS to the government has various advantages for both taxpayers and the government:<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"A_steady_revenue_stream_for_the_government\"><\/span>A steady revenue stream for the government<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>TDS ensures a regular and steady flow of tax revenue to the government. Tax is deducted at the source before the income is received by the payee, making it less likely for individuals and entities to evade or delay their tax obligations.<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img loading=\"lazy\" decoding=\"async\" width=\"1600\" height=\"900\" src=\"https:\/\/propertycloud.in\/blog\/wp-content\/uploads\/2023\/12\/image-10.png\" alt=\"\" class=\"wp-image-5999\" srcset=\"https:\/\/propertycloud.in\/blog\/wp-content\/uploads\/2023\/12\/image-10.png 1600w, https:\/\/propertycloud.in\/blog\/wp-content\/uploads\/2023\/12\/image-10-300x169.png 300w, https:\/\/propertycloud.in\/blog\/wp-content\/uploads\/2023\/12\/image-10-1024x576.png 1024w, https:\/\/propertycloud.in\/blog\/wp-content\/uploads\/2023\/12\/image-10-768x432.png 768w, https:\/\/propertycloud.in\/blog\/wp-content\/uploads\/2023\/12\/image-10-1536x864.png 1536w\" sizes=\"auto, (max-width: 1600px) 100vw, 1600px\" \/><\/figure>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"TDS_helps_in_reducing_tax_evasion\"><\/span>TDS helps in reducing tax evasion<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>TDS helps in curbing tax evasion by ensuring that tax is deducted at the time of payment. This reduces the possibility of the payee underreporting their income or not disclosing it at all.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"TDS_helps_in_terms_of_convenience_for_taxpayers\"><\/span>TDS helps in terms of convenience for taxpayers<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>For individual taxpayers, TDS simplifies the tax payment process. Instead of making a lump-sum tax payment at the end of the financial year, the tax is deducted in installments, making it more manageable.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"TDS_helps_to_comply_with_tax_laws\"><\/span>TDS helps to comply with tax laws<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Complying with TDS rules helps taxpayers avoid penalties and legal consequences. Non-adherence can result in penalties or interest charges.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"TDS_helps_to_reduce_tax_liability\"><\/span>TDS helps to reduce tax liability<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>TDS amounts deducted during the year are considered advance tax payments. These amounts are adjusted against the total tax liability when the taxpayer files their income tax return. This can lead to a reduced tax liability or a potential refund.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"TDS_provides_transparency\"><\/span>TDS provides transparency<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>TDS provides a transparent record of tax deducted, which is beneficial for both parties involved in a transaction. It ensures accountability and reduces the potential for disputes.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"TDS_helps_in_terms_of_financial_discipline\"><\/span>TDS helps in terms of financial discipline<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>TDS encourages financial discipline among taxpayers by promoting regular tax payments throughout the year, helping them budget for their annual tax liability.<\/p>\n\n\n\n<p>If you are having trouble understanding the loan process and other government fees when purchasing a home, contact a home loan professional at PropertyCloud for the best assistance.<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img loading=\"lazy\" decoding=\"async\" width=\"1600\" height=\"900\" src=\"https:\/\/propertycloud.in\/blog\/wp-content\/uploads\/2023\/12\/image-8.png\" alt=\"Get the best home loan rate at PropertyCloud\" class=\"wp-image-5997\" srcset=\"https:\/\/propertycloud.in\/blog\/wp-content\/uploads\/2023\/12\/image-8.png 1600w, https:\/\/propertycloud.in\/blog\/wp-content\/uploads\/2023\/12\/image-8-300x169.png 300w, https:\/\/propertycloud.in\/blog\/wp-content\/uploads\/2023\/12\/image-8-1024x576.png 1024w, https:\/\/propertycloud.in\/blog\/wp-content\/uploads\/2023\/12\/image-8-768x432.png 768w, https:\/\/propertycloud.in\/blog\/wp-content\/uploads\/2023\/12\/image-8-1536x864.png 1536w\" sizes=\"auto, (max-width: 1600px) 100vw, 1600px\" \/><figcaption class=\"wp-element-caption\">Get the best home loan rate at <a href=\"https:\/\/propertycloud.in\/\">PropertyCloud<\/a><\/figcaption><\/figure>\n\n\n\n<p><\/p>\n\n\n\n<div class=\"wp-block-buttons is-content-justification-center is-layout-flex wp-container-core-buttons-is-layout-16018d1d wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button has-custom-font-size has-small-font-size\"><a class=\"wp-block-button__link wp-element-button\" href=\"https:\/\/propertycloud.in\/blog\/contact-our-property-expert\/\">Contact Our Property Expert<\/a><\/div>\n<\/div>\n\n\n\n<p><\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Compliance_with_legal_requirements\"><\/span>Compliance with legal requirements<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>TDS compliance is a legal requirement in many transactions and industries. Failing to deduct and deposit TDS can lead to legal repercussions.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"TDS_encourages_a_formal_economy\"><\/span>TDS encourages a formal economy<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>By requiring TDS, the government encourages the formal economy and discourages cash transactions, which are often associated with tax evasion.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"TDS_supports_government_initiatives\"><\/span>TDS supports government initiatives<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Tax revenue collected through TDS helps fund government initiatives, infrastructure development, and public services, benefiting society as a whole.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"TDS_necessary_to_be_paid_on_the_property\"><\/span>TDS necessary to be paid on the property<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>TDS on house property is required for real estate transactions, If the property is in any <a href=\"https:\/\/propertycloud.in\/blog\/tier-1-2-3-and-4-cities-in-india\/\">city like in tier 1,2,3 and 4 in India<\/a> one has to pay TDS on the property purchase. The TDS rate on the sale of property is set at 1% of the actual sales consideration under Section 194-IA.&nbsp;<\/p>\n\n\n\n<p>If the buyer fails to deduct the tax or both the buyer and seller fail to submit Form 26QB, they will face several legal repercussions. So avoid that and get your dream home without hassle with the help of PropertyCloud experts. We make sure you get your dream home with all the documentation!<\/p>\n","protected":false},"excerpt":{"rendered":"<p>TDS deduction on the acquisition of residential property is the first thing that sellers and purchasers consider because the buying and selling of immovable property are extremely frequent transactions. If the sale price is 50 lac or more, the buyer has the option to deduct the TDS at the rate of 1%<\/p>\n","protected":false},"author":10,"featured_media":5993,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4,7,1,16],"tags":[],"table_tags":[],"class_list":["post-5991","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-buying-guide","category-home-loans","category-uncategorized","category-real-estate-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v23.2 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>TDS on Purchase &amp; Sale of House Property: Everything You Need to Know<\/title>\n<meta name=\"description\" content=\"If a residence is being purchased from a resident seller, there is a TDS deduction that applies. 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