From June 1st 2013, transfer by a resident of immovable property (other than agricultural land) where consideration exceeds Rs 50 lakhs would attract TDS @ 1% u/s 194 IA. The person is required to deduct tax and would not be required to obtain a Tax Deduction Account Number.(read complete details about tds on immovable property)
The Central Board of Direct Taxes (CBDT) has come out with an online form for making TDS payment on property transactions.
This form requires mandatory quoting of PAN which is verified with the IT Department's website. It also asks for address of the transferor and transferee along with the address of the property transaction.
We have not seen any notification of above form and even no number has been assigned as usually each form is given by the department . Further only e payment form is available and keeping in view the details asked in the form ,we don't expect that offline or paper form will be made available for payment by CBDT.
Following details has been asked in the form
- PAN details of the Transferee
- PAN details of transferor
- Complete address details of Transferee
- Complete address details of transferor
- Address of property involved in transaction
- Amount payable
- Tax 1 % amount deductible /deducted
The new form is available on TIN-NSDL .and field with * sign is only mandatory.