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Regarding IT TDS Liability

This query is : Resolved 
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(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"?
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Dhirajlal Rambhia

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Dhirajlal Rambhia (Expert)
08 July 2024 Only if the agreements of both the transactions are not agglomerated.
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Suresh S. Tejwani

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Suresh S. Tejwani (Querist)
09 July 2024 What if party "B" is partnership firm?
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Dhirajlal Rambhia

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Dhirajlal Rambhia (Expert)
09 July 2024 Doesn't change the stand. Sec. 194IA is based on the FMV of the asset transferred.
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Suresh S. Tejwani

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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.
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Dhirajlal Rambhia

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Dhirajlal Rambhia (Expert)
26 August 2024 No. The TDS is applicable for the properties having value of Rs. 50 lakhs or above.
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