Section 194ia
This query is : Resolved
19 August 2013
Whether Section 194IA would apply to property bought under construction.
Thank you in anticipation
Thank you in anticipation
20 August 2013
TDS is applicable on sale of immoveable property wherein the sale consideration of the property exceeds or is equal to Rs 50,00,000 (Rupees Fifty Lakhs). Sec 194 IA of the Income Tax Act, 1961 states that for all transactions with effect from June 1, 2013, Tax @ 1% should be deducted by the purchaser of the property at the time of making payment of sale consideration. TDS consideration is on the basis of Sale consideration of Rs. 50,00,000/- not status of under construction or completed. Hence, deduct the tds as per section.
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