Скачать или смотреть Huge relief for the new home buyers

Huge Relief for New Home Buyers

Income tax department has issued the new circular giving the huge relief to the new home buyers.

Let's understand in this video-

If you purchase the property having the value of more than 59 lakhs then in that case you need to deduct the TDS of 1% of the seller of the property.

But if the PAN and Aadhaar of the seller is not linked, in that case you need to deduct the TDS of 20%.

But many home buyers were not aware of these provisions and they have deducted TDS of 1% only and because of that they have got the notices from the income tax department.

To give relief to these home buyers, income tax department has issued a circular number 6/2024.

In that circular, income tax department had mentioned that if the transaction is done till the 31 March 2024 and the PAN and Aadhaar of the seller is linked till the 31 may 2024, in that case there will not be any liability on the buyer of the property.

So ask your seller to get their PAN and Aadhar linked so that you can get the relief of the notice from the income tax department.