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Sec. 194laa - new section under tds provisions

Tax Assistant (Accounting Technician CA FINAL CS PROF. PROG. B.Com)

Sec. 194LAA

TDS from payment for immovable property in certain cases.

 

 TDS will apply at the rate of 1% on payment as a consideration for transfer of any immovable property

(other than agricultural land).

 

However, No TDS if consideration is less than

a) Rs 50 lakhs- for property situated in a specified urban agglomeration area;

b) Rs 20 lakhs- for property situated in any area other than specified areas (includes metro cities).

Remind that the provision of Section 203A would not apply to the person required to deduct tax in

accordance with the provisions of this section. This new Section 194LLA will effect from 01 October 2012.

 
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Asso. Commercial Manager

Hi Everybody

Can anyone tell me the definition of 'Specified Area' under the new Section 194LAA.

Or Should i say, which cities are covered by 50 lakh limit, and which are not.

 

Regards

Amit Lohia

 
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As per the explanation given in Sec 194LAA, specified area means

 

“specified area” shall mean an area comprising—
(i) Greater Mumbai urban agglomeration;
(ii) Delhi urban agglomeration;
(iii) Kolkata urban agglomeration;
(iv) Chennai urban agglomeration;
(v) Hyderabad urban agglomeration;
(vi) Bangaluru urban agglomeration;
(vii) Ahmedabad urban agglomeration;
(viii) District of Faridabad;
(ix) District of Gurgaon;
(x) District of Gautam Budh Nagar;
(xi) District of Ghaziabad;
(xii) District of Gandhinagar; and
(xiii) City of Secunderabad;


Total thanks : 2 times

 
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I am attaching herewith the Finance Bill 2012.



Attached File : 78771 959273 income taxes 2012.pdf downloaded 393 times

Total thanks : 2 times

 
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Asso. Commercial Manager

Thanks a lot

It will help.

 

 
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nic info..

 
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