194 ia
This query is : Resolved
14 October 2013
I have purchased a property which is financed by bank and diretly remitted the loan amount to the seller.. then who is liable to deduct tax. kindly clarify. Thanks in advance
14 October 2013
The ultimate owner needs to deduct tds and in this case it u who have purchased the property.
CA Pallav Singhania
(Expert)
14 October 2013
Agree with Expert,
In such cases, to the extent of the loan amount, the bank or finance company would directly make the payment to the seller, and not route the payment through the purchaser, who is the borrower.
For more details go thru this article By Manoj B. Gavali..
https://www.caclubindia.com/articles/detailed-analysis-of-new-tds-section-194ia-17718.asp
In such cases, to the extent of the loan amount, the bank or finance company would directly make the payment to the seller, and not route the payment through the purchaser, who is the borrower.
For more details go thru this article By Manoj B. Gavali..
https://www.caclubindia.com/articles/detailed-analysis-of-new-tds-section-194ia-17718.asp
Ganeshbabu K
(Expert)
14 October 2013
Buyer required to deduct TDS..
.
.
other wise registrar will not allow for registration
.
.
other wise registrar will not allow for registration
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