Buying a property? Now you have to pay TDS on parking charges, maintenance fees
Updated : July 09, 2019 10:56 AM IST
A buyer is required to deduct TDS at the rate of 1 percent on the amount of consideration paid for the transfer of certain immovable property other than agricultural land (where the consideration involved is more than Rs 50 lakh).
From September 1, 2019, onwards, consideration of immovable property shall include all charges of the nature of club membership fee, car parking fee, electricity and water facility fees, maintenance fee, advance fee or any other charges of similar nature, which are incidental to the transfer of the immovable property.
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