18 June 2013
Mr.A is an Individual and have no tax Audit,so TDS provision will also not get attract to him. He has purchased a Immovable Property from NRI,is he liable to Deduct any TDS while making payment or credit...?
18 June 2013
Irrespective of whether assessee is liable for Tax Audit or not, if he purchases any property any pays exceeding Rs.50 Lacs, he needs to deduct TDS and submit return. But he need not require to apply for TAN.
19 June 2013
I beg to differ Mahavir Shah jee, the above mentioned provision is applicable when the immovable property having consideration above 50 lacs is transferred to resident.
but if the transferor is non-resident then applicable rate of tax should be deuducted u/s 195. In this question, rate of tds is 20% plus cess.
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