Stamp duty / Registration / TDS

Buyers of immovable property must consider the stamp duty value for TDS. According to Budget 2022, when transferring an immovable property, the buyer must deduct 1% of the amount paid to the seller or the stamp duty value of such property, whichever is greater.

If you have recently purchased or built a home, you should investigate the provisions for stamp duty exemption. Section 80C allows a deduction for stamp duty, registration fees, and other expenses directly related to the transfer. The maximum deduction amount allowed under this section is capped at Rs.1,50,000.

However, experts believe that this amendment may not be as significant because TDS is already adjusted with the individual's tax liability on tax assessment for the year.