Tds-194ia
This query is : Resolved
A.JAGADEEP
(Querist)
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..
CA PARAS BAFNA
(Expert)
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.
.
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A.JAGADEEP
(Querist)
10 August 2013
thanq for your reply sir.........
Ganeshbabu K
(Expert)
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
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