Agricultural land purchase - tds issue
This query is : Resolved
TARIQUE RIZVI
(Querist)
12 March 2019
I have purchased an agricultural land for goat farming purpose.
Please confirm as follows :
1) Whether TDS is exempt on payment of purchase value of agricultural land ? 2)
2) What will be the consequences if we do not deduct & pay tds on payment of purchase value of agricultural land.
Please confirm as follows :
1) Whether TDS is exempt on payment of purchase value of agricultural land ? 2)
2) What will be the consequences if we do not deduct & pay tds on payment of purchase value of agricultural land.
Gokul Sharma
(Expert)
12 March 2019
when a buyer buys immovable property (i.e. a building or part of a building or any land other than agricultural land) costing more than Rs 50lakhs, he has to deduct TDS when he pays the seller. This has been laid out in Section 194-IA of the Income Tax Act.
12 March 2019
https://www.caclubindia.com/experts/tds-on-purchase-of-property-2725459.asp
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