Tds applicability on transfer of property
This query is : Resolved
02 April 2015
client A enters into an agreement for 99 years lease
with kssidc.
does client A should deduct tax?
please explain.
02 April 2015
Yes it has to be deducted.
Long term lease – if a lease agreement is entered into for a period of more than 12 years, the lessee (the person taking the property on lease) is regarded as the owner of the immovable property. This is also regarded as a ‘transfer’ under the Act.
Long term lease – if a lease agreement is entered into for a period of more than 12 years, the lessee (the person taking the property on lease) is regarded as the owner of the immovable property. This is also regarded as a ‘transfer’ under the Act.
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