The Income Tax department has laid down several rules for compliance of TDS under the section for TDS on Immovable property for properties exceeding Rs.50 lakhs. Further there are several calculations needed while reviewing the impact of Capital gains while selling a property. Moreover with the recent pronouncements by the Indian Government, RERA & GST is playing a major role in the real estate sector, resulting into an initial increase in the transaction cash-flow for buyers.

Although the rules indicate a refund of the input GST to the ultimate buyer, the developers are at times reluctant to pass on the benefits to the buyer as a result of their ignorance of the provisions. There are also several incentive schemes available to the affordable housing sector apart from subsidized availability of housing loans. All these coupled with several tax regulations warrant the need to appoint a Chartered Accountant or Tax/Financial Consultant.

Scope of Work

The “CA/Financial Consultant’s” scope includes the following:

  1. TDS deduction, deposit and issue of relevant forms (26QB & 16 B) for compliance under section 194IA of the Income Tax Act for property transactions above Rs.50 Lakhs
  2. Capital Gains Tax Calculations and payment of taxes/re-investment of sale proceeds
  3. GST and RERA related advice and handholding
  4. Bank Finance and Property Insurance related services

Fees Payable

The portal does not interfere in the commercial agreement between service provider and the service recipient. However the portal will interfere in the interest of both the parties, in case of any dis-agreement between both of them. The portal does not have any commercial interest in the arrangement between the service provider and the service recipient.