Tds 194 ia on sale of immovable property
CA Ravindra (Chartered Accountant) (93 Points)
10 March 2014CA Ravindra (Chartered Accountant) (93 Points)
10 March 2014
CA Dheeraj
(Chartered Accountant)
(23 Points)
Replied 10 March 2014
Hi
The section 194Ia states that TDS on sale of Immovable Property should be deducted at source from payment on transfer of immovable properties (other than agricultural land) where the consideration paid or payable is more than Rs 50,00,000/-.
According to me above stated section checks the property value aspect and not the individual share, so if a property value exceeds 50lac buyer need to deduct tds.
CA Dheeraj
(Chartered Accountant)
(23 Points)
Replied 10 March 2014
Hi
The section 194Ia states that TDS on sale of Immovable Property should be deducted at source from payment on transfer of immovable properties (other than agricultural land) where the consideration paid or payable is more than Rs 50,00,000/-.
According to me above stated section checks the property value aspect and not the individual share, so if a property value exceeds 50lac buyer need to deduct tds.
Shiva Kumar
(CA Job)
(21 Points)
Replied 02 April 2014
Question: A & B are the owners of a property (joint owners or co-owners). They intend to sell to a single buyer. The transaction value is say 60 lakhs. The provisions of Sec 194IA are applicable right. In this case can the entire payment be made to one owner if the other owner consents for? secondly, how many TDS certificates need to be issued?....Thanks.
Mihir
(Wealth Manager)
(5293 Points)
Replied 03 April 2014
If the total value of the property exceeds Rs. 50 lacs, irrespective of the number of buyers, TDS u/s 194-IA shall be applicable.