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Breaking News: Tds Will No Longer Be Levied on Properties Worth More than ₹50 Lakh, Itat Big Decision
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Generally, buyers are required to deduct 1% TDS on property worth more than ₹50 lakh. This rule is applicable under Section 194-IA of the Income Tax Act. However, a recent decision by the Income Tax Appellate Tribunal (ITAT), Ahmedabad has provided significant relaxation on this rule. What happened in the case? The case relates to Hasmukhbhai Jayantibhai Patel v. ITO, in which the buyer purchased a property whose total value was more than ₹50 la…
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