TDS on Purchase of Property – Section 194IA of the Income Tax Act, 1961
When purchasing a property worth more than Rs 50 lakh in India, buyers have to follow certain tax procedures. These also include Tax Deducted at Source (TDS) under Section 194IA of the Income Tax Act 1961. This mandate requires that buyers of property, whether residential or commercial deduct TDS at 1% if the property...