194ia

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Husain (Querist)
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15 April 2014 194IA says we have to deduct tds @1% for transfering an immovable property in excess of 50L . What will happen in case of a slump sale? Shall the land transferred attract 194IA? How to find out that specific consideration?

Rupesh Jain

Rupesh Jain (Expert)
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15 April 2014 this section not cover the agriculture land but other land also cover

Nikhil Kaushik

Nikhil Kaushik (Expert)
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16 April 2014 194-IA should not apply to slump sale. Though it is permitted to assign values to individuals assets for computing stamp duty, income tax act by virtue do not permit assigning separate values for taxation purposes. Accordingly, in my opinion, 194-IA should not apply in absence of individual value of the land..

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