Reg- sec 195
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
17 February 2014
facts of the case: resident has acquired a property for a consideration of 31,00,000 from a partnership firm comprising 8 partners, out of which one partner is a non resident. seven partners have execueted general power of attorney in favour of managing partner(resident) to execuete the sale deed. now is section 195 applcable or not? if is yes on gross amount or on share amount non resident. and what are the consequences if tds not deducted u/s 195?
18 February 2014
if the property is int he name of the partnership firm, then 195 should not apply (subject to its resident status under section 6)
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