TDS on property purchase above Rs 50 lakh explained: Rules, conditions and filing process

Property buyers purchasing assets valued at Rs 50 lakh or more must deduct 1% TDS before completing the transaction. This rule, under Section 194-IA, applies to non-agricultural land and aims to boost tax compliance in real estate. Buyers must deposit the tax and issue a certificate to the seller, ensuring accurate reporting of high-value deals.

By TOI REAL ESTATE DESK