Is TDS Applicable on Purchase of Marbles more than 50 Lakhs

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This discussion explores whether an individual constructing a personal property is liable for TDS on marble and stone purchases exceeding £50 lakhs, even when bought directly from the seller without a formal contract. It clarifies that TDS under Section 194M might apply if the payment is for work or professional services exceeding £50 lakhs annually, regardless of personal use, provided the individual meets certain criteria.

PRAKASH KUMAR JHA

PRAKASH KUMAR JHA (Querist)

09 March 2024 If any individual constructed their personal property and buy the Marbles and Stone direct to seller without any contract and his value is exceed Rs 50 Lakhs, Is they are liable to deduct the TDS on Seller. Kindly Clarify with section(if Yes).

There are some points to be followed by Individual.

* Construction contract with different Vendor.
* Individual Directly Buy the Marbles and Stones from seller for their Constructed Property.
* Amount Exceed over 50 Lakhs
* Individual are not in the criteria of audit U/s 44AB or AD
* They have Giving their GSTIN to Seller but Property not used in any Business which are constructed and he is not taking any input and not treating as a B2B. But Seller Issuing B2B Invoice to buyer.

RAJA P M

RAJA P M (Expert)

09 March 2024 TDS not applicable in this personal expenses

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)

11 August 2024 TDS u/s. 194M may be applicable if... Manufacturing or supplying a product according to the requirement or specification of a customer by using material purchased from such customer.
As per the Union Budget 2019, any individual/HUF paying any sum to a resident for carrying out any work (including the supply of labour) under any contract or by way of fees for professional services rendered during the financial year exceeding Rs 50,00,000 in a year will have to deduct TDS at 5%.

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)

09 September 2024 Good Luck.

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