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TDS on property purchase above Rs 50 lakh explained: Rules, conditions and filing process
Property buyers purchasing homes, flats or any other immovable property worth Rs 50 lakh or more are required to comply with a key tax provision under the income tax act before completing the transaction. Under Section 194-IA, buyers must deduct 1% tax deducted at source (TDS) from the sale consideration and deposit it with the government when making payments to the seller. Failure to comply with the provision may attract interest and penalties under the Income Tax Act.