All income tax compliance for Buying and selling property in india | Real Estate Taxation

CA Rahul Agarwal.
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Here are the income tax compliances for selling property in India :
For non-NRI (resident Indian) sellers, the income tax compliances for selling property in India are:
1. _TDS (Tax Deducted at Source)_: Buyer deducts 1% TDS from payment to resident Indian seller.
2. _Capital Gains_: Calculated by subtracting property purchase cost from selling price.
3. _Exemptions Under Section 54 and Section 54EC_: Resident Indian can claim exemptions on long-term capital gains by investing in Indian property.
4. _Form 26QB_: Buyer must furnish Form 26QB (TDS on sale of immovable property) to the Income Tax Department.
5. _Form 16B_: Buyer must issue Form 16B (TDS certificate) to the seller.
6. _Income Tax Return_: Seller must disclose capital gains in their income tax return (ITR) and claim exemptions, if applicable.
7. _Payment of Tax_: Seller must pay capital gains tax, if applicable, before the due date to avoid interest and penalties.
Note: These compliances apply to resident Indian sellers, and it's always recommended to consult a tax professional or chartered accountant to ensure accurate compliance with income tax laws and regulations.