Income tax
This query is : Resolved
YAGNESH HASMUKH DAVE
(Querist)
18 April 2016
I HAVE PURCHASED DIFFERENT VALUE OF 2 FLATS AND 2 SHOPS HAVING CONSIDERATION OF RS 35,00,000/- AND 40,00,000/- RESPECTIVELY ON DIFFERENT DATE AND MONTH BUT DURING THE FINANCIAL YEAR 2014/15 WHETHER I AM LIABLE TO DEDUCT TDS@1% U/S 194IA OR NOT PL CLERIFY.
CA R SEETHARAMAN
(Expert)
18 April 2016
As the property value purchased on each date is less than 50 lacs TDS u/s 194IA not applicable.
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K Srinivas, CMA CS
(Expert)
18 April 2016
Yes, TDS liability occurs on case to case basis i.e only when the property registered at a time exceeds Rs.50 lacs in consideration and not on the total value of purchases made by an assessee in a year
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