194 ia

This query is : Resolved

krish (Querist)
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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

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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14 October 2013 The ultimate owner needs to deduct tds and in this case it u who have purchased the property.

CA Pallav Singhania

CA Pallav Singhania (Expert)
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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

Ganeshbabu K

Ganeshbabu K (Expert)
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14 October 2013 Buyer required to deduct TDS..
.
.
other wise registrar will not allow for registration

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