• Notification Date: 18-11-2021
• Notification No: 41/2011-22

Property sale or purchase, consider these tax aspects

You have shortlisted the property, verified the documents and arranged funds for the down payment. But, did you know that buying a real estate property also seeks the responsibility of deducting tax, or tax deducted from source (TDS), from the payment made to the seller and depositing it to the government?

This is not all. You, as a buyer, will also be responsible to issue Form 16B to the seller in due time.

This is one of the many things to look out for when purchasing a real estate property. Also, while finalizing the budget, a buyer should factor in the stamp duty, which can be as high as 9% of the total sale value of the property in some cities.