TDS on property deals withdrawn

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Finance Minister Pranab Mukherjee  rolled back the proposed 1% tax deduction at source (TDS) on transfer of immovable property.
The Finance Bill had proposed that “every transferee of immovable property (other than agricultural land), at the time of making payment for transfer of the property, shall deduct tax at the rate of 1% of such sum”.
The proposal would have increased the compliance burden on the part of the buyer, who would have had to deduct the amount and then submit it with the tax authorities.
“This would have created a bottleneck for the buyer and increased the complexity of a property transaction,” said Samarjit Singh, managing director of Delhi-based property broking firm IndiaHomes.
The buyer was required to provide personal details, details about the property and the seller in the tax deduction form. Experts say that the 1% TDS at the time of the transaction was also a way for the government to collect more information on the value of property transactions in the country.
Property transactions are at times used to park and generate black money.
Source: The Economic Times, The Times of India

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