New Delhi:The proposal made in the finance bill 2013 that the buyer has to pay a withholding tax at the rate of 1% on the purchase of any immovable property (except for agricultural land) worth more than Rs 50 lakh. According to a research, around 4.5 to 5 lakh homes are expected to be delivered in 2013 and the buyers of all these homes will have to go through the tiresome process of depositing tax and filing returns for 1% TDS while paying the builder from June 1. The idea behind imposing the tax is to ensure that every property deal is reported. Though the general belief was that this tax will only be imposed on ready property, now it has also been imposed on under construction properties. Officials are saying that ready and under-construction property are not recognized as different by the finance bill.According to the TDS rules, buyers would have to go through the process of obtaining a tax deduction and account number (TAN), file returns to tax authorities and issue TDS certificate to seller. The tax liability will fall on the buyer if the builder refuses to take the responsibility on himself.However how the system will operate in case of the property is under joint ownership or made on loaned fund is not yet clear.”An individual buyer will be obligated to comply with the withholding tax registration or TAN, tax payment, e-TDS returns, issue of TDS certificate to seller for claiming tax credit unless a simplified mechanism is provided in this direction,” said Sunil Jain, partner, Jyoti Sagar Associates. In case of installment based transactions that may stretch over 3 to 5 years the buyer has to take responsibility for deduction of TDS each time an installment is paid unless the bank takes up the responsibility.займ на карту без отказов круглосуточновзять кредит онлайн