I am buying a flat worth over ₹50 Lakhs. What is my responsibility regarding TDS?

Under Section 194-IA of the Income Tax Act, if the property value is ₹50 Lakhs or more, the buyer (not the seller) is legally responsible for:

1. Deducting 1% TDS from the total sale price.

2. Depositing it with the government within 30 days via Form 26QB.

3. Providing Form 16B (TDS certificate) to the seller. Failure to do this can lead to penalties and interest for you as the buyer.