Tds

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

27 February 2014 dear sir,
i want to know as a company makes payments regarding Participation fees for attending conferences, seminars organised by various institutes like ICAI, ICWAI, CII, ICSI, NHB, etc, These are institutions which are conducting seminars which are not specifically organised for HUDCO but open to any participant.

In respect of above, we would like to know whether TDS provision is applicable on such payments. If it is applicable then in which section does it fall under and the exemptions ,if any and has been deducting TDS on such fees under section 194J of Income Tax Act 1961.

DEBENDRA SURANA

DEBENDRA SURANA (Querist)
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27 February 2014 Ques. An assessee purchased a land in 1971(cost-Rs.10000) and constructed a building on it in 1982(Cost-Rs.30000).In feb, 2014 he entered in a collaboration agreement with a builder to restructure the whole building.After that assessee share in newly structured building would be 60% and builder share would be 40%.Assessee received Rs.500000 from the builder in feb. 2014 and expected period of completion of construction will be March, 2015. Further he will receive Rs.2500000 in April 2015. Estimated cost of construction to be incurred by builder would be Rs.28000000. Calculate capital gain tax.

C A S.S.Agarwal, M.Com.,LL.B,

C A S.S.Agarwal, M.Com.,LL.B, (Expert)
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28 February 2014 YES TDS MUST BE DEDUCTED U/S 194J

DEBENDRA
THE MOMENT YOU SIGN THE DEVELOPMENT AGREEMENT U/S 2(47)(V) YOU ARE LIABLE TO PAY CAPITAL GAINS TAX WHETHER YOU HAVE RECEIVED ANY MONEY OR NOT IN ACCORDANCE WITH THE PROVISIONS OF SECTION 50C

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