FAQs

The maintenance period will start from the date when the builder offers possession to the customer.

Legal/Documentation and professional charge incurred for preparation of Agreement for sale and the Deed of conveyance and/or transfer deed in respect of the said Flat/Unit including all other deeds, documents and instruments as may be necessary and/or required.

Nomination/Transfer charge means the charge that is levied on any transfer/assignment/nomination by the Purchasers of the said unit.

The Finance Bill 2013 has proposed that purchasers of an immovable property (other than rural agricultural land) worth around 50 lakh or more is required to pay withholding tax at the rate of 1% from the consideration payable to a resident transferor.

Buyer or Purchaser of the property is not required to procure Tax Deduction Account Number (TAN). The Buyer is required to quote his or her PAN and sellers PAN.

According to rules in respect of tax deducted at source, buyers of the property would have to deduct the TDS and deposit the same in the Government treasury.

As per the CBDT notification no. 30/2016 dated April 29, 2016, the due date of payment of TDS on transfer of immovable property has been extended to thirty days (from existing seven days) from the end of the month in which the deduction is made.

The online form available on the TIN website for furnishing information regarding TDS on property is termed as Form 26QB

Form 16B is the TDS certificate to be issued by the deductor (Buyer of property) to the deductee (Seller of property) in respect of the taxes deducted and deposited into the Government Account.

Property is considered a capital asset and Capital Gains Tax is levied on the gains arising from the sale of property. Such gains are calculated after adjusting the inflation rate, transfer and renovation charges.