TDS implications

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ganesh Pradhan (Querist)
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31 January 2017 One immovable property having the value of Rs 120 Lakes. There are 3 purchaser each pay 40 Lakhs and there are 4 seller each get 30 Lakhs. Than question is at the time of transfer, Transferee are deduct TDS or not as per the provision of 194IA of income tax act. Than what is the implications 194IA of income tax act in the above matter.

CS Advocate Abhishek Goyal

CS Advocate Abhishek Goyal (Expert)
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02 February 2017 Section 194IA requires TDS when the property value is more than Rs. 50 Lacs. Even if there are more than one buyer and seller and the value paid by each buyer is below Rs. 50 Lacs TDS is required to be deducted by each of them. For example A, B and C are three buyers and C,D, E and F are four sellers. Now A will have to deduct tax in respect of consideration paid by him to C, D, E and F. Similarly B and C will also do.

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