What is the difference between sec 194ia & 194la in i t?

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Ashka (Querist)
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05 March 2015 Tax on purchase of immovable property is 1% if the value of the property is more than 50lacks and purchase is other than agricultural land? Please inform me what is the difference between Section 194ia and 194la? which is the charging section for purchase of immovable property?

CA Manish Sharma

CA Manish Sharma (Expert)
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05 March 2015 Section 194ia is for TDS on Rent on Property

Section 194IA is for TDS on Sale of Property

Ashka

Ashka (Querist)
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05 March 2015 and what about 194LA section?

Tapas Ruparelia

Tapas Ruparelia (Expert)
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05 March 2015 194-IA is for TDS on sale of immovable property
194-LA is for TDS on compulsory acquisition of immovable property.

In your case, assuming you are not compulsorily acquiring an immovable property, section 194IA shall be applicable.

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