Section 194ia tds on immovable property
This query is : Resolved
06 June 2014
property of Rs. 14900000 purchased.
sale agreement made on 01 july 2013.
payment of Rs. 14200000 done before 01 june 2013.
now remaining payment of rs. 700000 paid on 30th may 2014. on payment of rs. 7lac he will get the possession.
query:
1. whether tds under section 194IA is applicable on above transaction?
2. if yes then tds to be deducted on entire agreement amount or only on balance amount paid on 30th may 2014?
06 June 2014
for the payments made after 1 June 2013 TDS shall apply.
07 June 2014
all the payments after 1.6.2013 are covered by this section.
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