Bankers and Developers on same wavelength to make Real Estate a better place! The rate of interest may now vary between 15 and 35 basis points across the banking industry can fuel the demand which is already being stoked by the government’s programmes such as Smart Cities, Affordable Housing and Digital India with a focus on reducing the inflows into cities which are bursting at the seams.
With the reduction in interest rates by the banks has acted like a spark that the real estate market had been waiting for, with Home Loan interest rates on a slope, lenders are now more optimistic. SBI and Housing Development Finance Co which have shed their reluctance in passing on the Reserve Bank of India’s past rate cut.
New policies and initiative taken by the RBI and Indian government together like reducing the interest rates in Home Loan as well as building 100 smart cities are seen as a major step in boosting the stagnant real estate sector.
As per the I-T law, the buyer of an immovable property worth Rs 50 lakh or more is required to deduct (and deposit) withholding tax at the rate of 1% from the consideration payable to the seller. In case of failure to comply with the provisions, interest and penalty are imposed on the buyer.
Buying an apartment and your TDS formalities are thus, if the purchase price of your flat is Rs 50 lakh or more, then you have to comply with the tax deduction at source (TDS) obligations. You will be required to furnish information about the tax deducted and deposited online on the Tax Information Network (TIN) website in Form 26QB
(URL is https://onlineservices.tin.egov-nsdl.com/etaxnew/tdsnontds.jsp).
(URL is https://onlineservices.tin.egov-nsdl.com/etaxnew/tdsnontds.jsp).
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