Tds-194ia
This query is : Resolved
10 August 2013
Dear sir,
There is new provision relating to purchase of immovable property. if the property value exceeds 50lakhs then 1% TDS should be deducted.
If Mr.X purchases a land costing 95Lakhs. The land is under Co-owner ship( three persons are owners for that particular land). While paying Consideration to those CO-owners, Mr.X have any responsibility to deduct TDS under Sec-194IA ?
Pls reply me Sir..
There is new provision relating to purchase of immovable property. if the property value exceeds 50lakhs then 1% TDS should be deducted.
If Mr.X purchases a land costing 95Lakhs. The land is under Co-owner ship( three persons are owners for that particular land). While paying Consideration to those CO-owners, Mr.X have any responsibility to deduct TDS under Sec-194IA ?
Pls reply me Sir..
10 August 2013
Yes. TDS is required to be deducted.
.
The consideration for which the property is being transferred exceeds 5000000/-.
.
The consideration is being paid for the single property. The co-owners just have share in the property.
.
From the present statute we should infer this only until we get any court verdict.
.
.
The consideration for which the property is being transferred exceeds 5000000/-.
.
The consideration is being paid for the single property. The co-owners just have share in the property.
.
From the present statute we should infer this only until we get any court verdict.
.
Message likes :
1 times
10 August 2013
thanq for your reply sir.........
10 August 2013
For more academic knowledge attached file can be refereed and i found it useful
https://www.caclubindia.com/share_files/all-about-194-ia-of-the-income-tax-act-1961-57232.asp
https://www.caclubindia.com/share_files/all-about-194-ia-of-the-income-tax-act-1961-57232.asp
Message likes :
1 times
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Reporting Income under Section 44ADA
- Off Market debit and credit transaction
- Itr 1 processing
- Showing Gift from relative in ITR for this year
- Form 10E u/s 89(1). Need clarification because experts opinions differ !!!!
- ITR 1: Details for showing Exempt Income
- Share accounting-->fifo - capital gain - period as per fifo?
- ITR 2 Short Term gain & Long term gain
- ITR returnFY25-26
- Short Term Capital gain on shares bought and sold after 2018 onwards
- TDS 194R on GST effected
- Gst invoice numbering and delivery challan numbering
- Sales amount in Gstr1
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
- Tax amount diff in Gstr1 and 3B in tax compare reports
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
