Agricultural land purchase - tds issue

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TARIQUE RIZVI (Querist)
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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.

Gokul Sharma

Gokul Sharma (Expert)
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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.

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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12 March 2019 https://www.caclubindia.com/experts/tds-on-purchase-of-property-2725459.asp

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