India's real estate market is booming. TDS applies to property transactions exceeding ₹50L. Buyers must deduct 1% TDS, deposit it with the Income Tax Dept.
A proposed 1% TDS on homes exceeding Rs. 50 lakh, outlined in Budget 2013, is set to take effect in June, potentially impacting luxury housing sales.
1% TDS proposed on property transfers exceeding ₹50 lakh in urban areas and ₹20 lakh elsewhere, effective October 1. The move aims to curb unaccounted money.
Real estate experts anticipate rising costs for home purchases and construction due to increased material prices and a 2% service tax hike, impacting buyers and developers alike.