Section 194-IA: TDS on Purchase of Immovable Property in India Transaction of Purchase of immovable property comes under the purview of TDS and attracts TDS @ 1%, if value of property exceeds Rs.50 lakhs, which should be deducted either at the time of payment or credit, whichever is earlier. Similar to other TDS provisions, if […]
Screenshot of each steps of how to deposit or pay TDS on Sale or Transfer of Immovable Property under section 194-IA, introduced by Finance Act, 2o13.
Tax Deduction at Source (TDS) on transfer of immovable properties other than agricultural land for consideration exceeding Rs.50 Lakh Finance Act, 2013 brought a new section 194-IA under TDS provisions to levy tax at the rate of 1% on the transfer of an immovable property other than Agricultural Land by any Indian Resident where the sale […]
Relevant FAQs on Stamp Duty – Indian Stamp Act, 1899 & Bombay Stamp Act, 1958 The Oxford Dictionary of Law defines “stamp duty” to mean a tax payable on certain legal documents specified by statute; the duty may be fixed or advalorem. The Constitution of India provides three lists, viz. the Union List, State List and Concurrent List. The […]
1. Section 80EE: Additional Deduction of Interest on Home Loan Crux of Section: Deduction of Interest payable on loan taken from financial institution for 1st residential house property is available. Applicability: Only Individual Amount of Deduction: Interest payable or 1 lakh whichever is less Conditions: (i) the loan has been sanctioned by the financial institution […]
TDS at the Rate of 1 Percent Applied on the Value of Transfer of Immovable Property Exceeding Rs.50 Lakh The Finance Bill 2013-14 proposes levy of TDS at the rate of 1 percent on the value of the transfer of immovable property where the consideration exceeds Rs.50 lakh or Rs 5 millon. However, agricultural land […]
Wealth Tax Return is to be Filed Manually, there is no online submission facility for the same. The Wealth Tax Act requires tax to be paid on the wealth held by an individual. Wealth is defined as unproductive assets, such as cash over Rs 50,000, land, motor cars, gold, silver, utensils or bullion and ornaments, […]