I am planning to buy a plot from a co-operative housing society for Rs 58 Lacs. As per the IT rule 194-IA of income tax which is effective from jun 2013, i am supposed to deduct the TDS of 1% from the total value of the property and pay the tax using a challan and handover the challan to the seller within 7 days of the transaction.
But as per the housing society, they are claiming that they are exempted from all kinds of TDS and instructing us to not to credit the TDS.
Please advice whether co-operative housing societies are exempted from this.
If yes, require the appropriate IT act details for the same and If no, how to proceed on the rquest from society.