Mysore/Mysuru: The purchaser or buyer of the property at the time of making payment of purchase consideration shall deduct TDS at 1% on purchase of immoveable property wherein the purchase consideration of the property exceeds or is equal to Rs. 50,00,000.
Before deducting the TDS at 1%, the purchaser shall ensure that the PAN and Aadhaar are linked and it is an Operative PAN. If not linked it becomes Inoperative PAN and purchaser of the property shall deduct TDS at higher rate of 20% on such Individual Inoperative PANs which have not been linked with Aadhaar. Those who have not linked shall link the PAN-Aadhaar on payment of fee Rs.1,000. The fee payment for PAN-Aadhaar link need to be made through e-Pay Tax functionality available in Income Tax portal www.incometax.gov.in.
The prescribed fee must be paid under using Challan ITNS 280 – Major Head 0021 and Minor Head 500 and Assessment Year (AY) should be 2024-25, says N.D. Shreenivaas of Bhavani Associates, Mysuru.
This post was published on November 28, 2023 7:36 pm