- Tax is deductible (TDS) when buyer paid consideration exceeding the Rs 50 lakhs at the time of credit of such amount to the seller or at the time of making payment.
- For the purpose of computation of threshold limit GST will be included.
- Tax deduction rate is .01 percent In case PAN is not available rate will be 5 percent.
- I have sold land and building to a non-resident. Whether I need to report the PAN of buyer in the table A1/B1 in Schedule CG?As mentioned in ITR form, quoting of PAN of buyer is mandatory only if tax is deducted under section 194-IA or is mentioned in the documents.
- I am resident and have sold land and building situated outside India. Whether I need to report the details of property and identity of buyer in Schedule CG?The details of property and name of buyer should invariably be mentioned. However, quoting of PAN of buyer is mandatory only if tax is deducted under section 194-IA or is mentioned in the documents.