194 ia applicability on joint venture
This query is : Resolved
06 May 2015
Sir
Whether 194 IA is applicable for joint venture agreement entered into between land owner and a builder on a consideration to give some flats to the land owner.
Kindly give reply as it is urgent
Whether 194 IA is applicable for joint venture agreement entered into between land owner and a builder on a consideration to give some flats to the land owner.
Kindly give reply as it is urgent
06 May 2015
Provisions of Section 194-IA:
(1) Any person, being a transferee, responsible for paying (other than the person referred to in section 194LA) to a resident transferor any sum by way of consideration for transfer of any immovable property (other than agricultural land), shall, at the time of credit of such sum to the account of the transferor or at the time of payment of such sum in cash or by issue of a cheque or draft or by any other mode, whichever is earlier, deduct an amount equal to one per cent of such sum as income-tax thereon.
Here flats are received in consideration for land sale. Any other mode referred above include flats hence 194 IA applicable.
Provisions of Section 194-IA:
(1) Any person, being a transferee, responsible for paying (other than the person referred to in section 194LA) to a resident transferor any sum by way of consideration for transfer of any immovable property (other than agricultural land), shall, at the time of credit of such sum to the account of the transferor or at the time of payment of such sum in cash or by issue of a cheque or draft or by any other mode, whichever is earlier, deduct an amount equal to one per cent of such sum as income-tax thereon.
Here flats are received in consideration for land sale. Any other mode referred above include flats hence 194 IA applicable.
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