Tds liablity on buying commercial property
This query is : Resolved
Quick Summary
Stephen Marks
(Querist)
11 April 2024
Our proprietor's wife bought a land and building worth 94 lacs. The land value is 20 lacs and building value is 70 lacs. Does TDS needs to be paid in this case.
CA R SEETHARAMAN
(Expert)
12 April 2024
Yes, 1% TDS applicable in this case under section 194IA.
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Stephen Marks
(Querist)
12 April 2024
Sir, am i right that TDS to be deducted for 44 lacs only? i.e., above the 50 lacs value
CA R SEETHARAMAN
(Expert)
12 April 2024
No, TDS applicable on entire value.
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