The buyer of an immovable property (whether it is of under construction or build-up) of the value of Rs.50 Lakh or more is responsible of paying a withholding tax of 1% from the sale through the sale consideration that is payable to the property’s seller under the Income Tax Act.
High Returns
Get Returns as high as 15%*Zero Capital Gains tax
unlike 10% in Mutual FundsSave upto Rs 46,800
in Tax under section 80 C*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
This withholding tax should be deducted at the source and has to be deposited in the government account according to the laws of the income tax.
Note: To download Form 16B, visit www dot tdscpc dot gov dot in (TRACES) after five days.
Helpful Resources: Online Tax Calculator