Purchasing a house can be a cumbersome task. You have to decide on a budget, arrange for the down payment and loan, select the property, negotiate with the seller, and also perform other statutory tasks.
One such task is deducting TDS (tax deducted at source) when paying the seller if the property price exceeds a certain value. TDS is a tax mechanism through which the government ensures that taxes are collected in advance before the payment is made. TDS is applicable on various transactions, including property transactions. In this first part of the article, let’s discuss what a buyer needs to do, and in the next part, we will cover the seller’s responsibilities.
Original Published by:
