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Property Tax TDS Deduction is Responsibility of Buyer

Budget 2012 has imposed a new provision where one need to get 1% of property purchase price from seller and deposit it as TDS on property. The onus is on the buyer to deduct this TDS. This is applicable on purchases above Rs 50 Lakh property in metro cities and above Rs 20 Lakh in balance cities.

One fails to understand that why govt wants to complicate the procedure of making it mandatory for the buyer to deduct the TDS. This is now going to be a bone of contention between the buyer and seller.

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