Sec 194 ia of income tax act

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JALPA (Querist)
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06 January 2014 U/S 194 IA OF INCOME TAX ACT THE BUYER IS REQUIRED TO PAY TDS ON THE CONSIDERATION. BUT IF THERE IS MORE THAN ONE BUYER FOR ONE PROPERTY OR SAY JOINT BUYERS THAN BY WHOM AND HOWMUCH TDS IS DEDUCTED FROM EACH ONE?

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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06 January 2014 if the amount exceeds rs 50 lakhs then the tds will be deducted by transferee i.e buyers in proportion of their share in property on date of buying or making payment which ever is earlier.

JALPA

JALPA (Querist)
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06 January 2014 IF THERE IS MORE THAN ONE SELLER THAN IN WHAT PROPORTION THE AMOUNT OF TDS WILL BE ADJUSTED BETWEEN THE SELLERS SAY E.G. 4 SEELER AND 3 BUYERS?

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CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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06 January 2014 First calculate the total amount of consideration say 2 crores and all 4 sellers have equal share 50 lakhs each.

now buyer will first cal tds on 2 crores say 1% is 2 lakhs and then the buyers will divide this 2 lakhs in their proportion of holding and will deduct it and deposit in central govt treasury.

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