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Section 197a-ia

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Querist : Anonymous

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Querist : Anonymous (Querist)
14 May 2014 A person who is a buyer of immovable property paid Rs. 30 lacs each to two co-owners of a single immovable property. Thus, total consideration exceeds Rs. 50 lacs. Please clarify whether TDS has to be made as per Section 197A-IA.
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Nikhil Kaushik

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Nikhil Kaushik (Expert)
15 May 2014 yes. 194-IA applies. number of buyers/sellers is not relevant. once the total values exceed Rs 50 lakhs, 194-IA applies.
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Querist : Anonymous

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Querist : Anonymous (Querist)
31 May 2014 As per me, person is also an important condition in Section 194-IA as payment of any sum is in relation to a resident transferor. Therefore, if payment exceeds Rs 50 lacs to each transferor, only then this section applies. Kindly let us know if there is any change in your opinion.
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Querist : Anonymous

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Querist : Anonymous (Querist)
31 May 2014 As per me, person is also an important condition in Section 194-IA as payment of any sum is in relation to a resident transferor. Therefore, if payment exceeds Rs 50 lacs to each transferor, only then this section applies. Kindly let us know if there is any change in your opinion.
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Nikhil Kaushik

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Nikhil Kaushik (Expert)
31 May 2014 no...number of buyers is not relevant. the overall value is to be considered. each seller's share is not considered.
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