In case of purchase of immovable property (other than agriculture land) from a resident seller, of over Rs. 50 lakh, a TDS of 1% will apply, even if there are more than one buyer and the contribution of each buyer works out to less than Rs. 50 lakh. The same principle will also apply in case of multiple sellers.
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The 1% TDS applies on the purchase price or the stamp duty value, whichever is higher.
This amendment, which was proposed in Budget 2024, comes into effect from 01.10.2024.
Read more at: The Times of India
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