Taxation on TDS deduction from seller on property

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  1. Venkatramana C

    Venkatramana C New Member

    Hello,

    I would like to know on selling a property worth Rs.65 lakhs, buyer has to compulsorily deduct 1% of the sale value to the government as tax. I would like to know whether this 1% would be added as income to the seller who needs to pay tax on that (or) will that 1% will be paid by buyer from his own expense. Kindly clarify and provide the details. - thanks venkataramana c.
     
  2. gaurav_kumar

    gaurav_kumar Well-Known Member

    Sale Price = 65,00,000
    TDS @ 1% = 65,000
    Net Amt recvd from Sale = 64,35,000

    The seller would be liable to pay tax on Rs. 65,00,000
     
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