29 March 2014
I have been allotted one built-up independent house by Greater Noida Industrial Development Authority in the month of December, 2012. The cost of the house was declared by the Authority Rs.52,60,000/-. I took home loan from SBI and deposited the whole payment in the month of March, 2013. But Registration of Lease-deed was made on 6th June, 2013.
Now I want to know whether Section 194ia is applicable to me or not. Was I liable to deduct TDS before making payment to Authority or not? Please guide me.
Section 194IA is only attracted for the transactions on or after 1st June, 2013.
For example:- • Sale agreement is made before 1st June, 2013 but consideration received after 1st June, 2013 – Sec 194IA is not applicable.
• Advance consideration of Rs 5000,000 or more is received before 1st June, 2013 but sale agreement made after 1st June, 2013. – Section 194IA is not applicable.
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