Regarding IT TDS Liability
This query is : Resolved
Quick Summary
Suresh S. Tejwani
(Querist)
08 July 2024
Land owner is "A", construction on it is done by "B".After the completion of construction, A's share is purchased by "B" & payment of same is below 50lakhs.
Does it attracts any TDS deduction liability on part of "B"?
Does it attracts any TDS deduction liability on part of "B"?
08 July 2024
Only if the agreements of both the transactions are not agglomerated.
Suresh S. Tejwani
(Querist)
09 July 2024
What if party "B" is partnership firm?
09 July 2024
Doesn't change the stand. Sec. 194IA is based on the FMV of the asset transferred.
Suresh S. Tejwani
(Querist)
09 July 2024
If total consideration of such transaction is below 50 lakh then any TDS provision would be attracted?
Note: Agreement is done as per FMV of property.
Note: Agreement is done as per FMV of property.
26 August 2024
No. The TDS is applicable for the properties having value of Rs. 50 lakhs or above.
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