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Bought A Property? This Small Mistake Could Serve You A Tax Notice
If buying a property worth more than Rs 50 lakh, you have to deduct TDS The tax is applicable on all properties, except agricultural lands The buyer has to provide Form16B to the seller within 15 days
30 Jun 2016, 10:35 AM IST 
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Even if you are buying an under-construction property from a developer, you will have to pay this tax.
If you have bought a property worth Rs 50 lakh or more, according to income tax rules you are liable to deduct a tax at source, or TDS, at the rate of 1 per cent from the payment to the seller.
It has to be deducted on the sale value of the property. The buyer has to then deposit this 1 per cent TDS with the government.
The rule is in place since June 2013 but only a few are aware of it, say tax experts. This ignorance has resulted...
