Tds on exchange of residential property u/s 194 i a

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Nagendra Bhat (Querist)
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13 November 2014 I have exchanged my residential flat with a guiadance value of 90 Lacs with another flat with a guiadance value of Rs.98 Lacs. I have paid Rs.8 lacs towards the difference as consideration..
Now, I would like to know whether TDS applicable on this transaction since amount paid is only Rs.8 Lacs. Appreciate your feedback

Amol S Joglekar

Amol S Joglekar (Expert)
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13 November 2014 The word used is CONSIDERATION. and consideration is 90 and 98. TDS to be made accordingly.

Rupesh Jain

Rupesh Jain (Expert)
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13 November 2014 tds will deducted as per section 194IA in both case.

Nagendra Bhat

Nagendra Bhat (Querist)
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13 November 2014 Thanks Mr.Amol & Mr.Rupesh. However, could you please clarify the following;
1. TDS is to be done on payment & the payment should be above 50 lakhs...
2. Incase of Joint name... do we need to split the tds into two or the first name..?

Thanks again. Appreciated.

Nikhil Kaushik

Nikhil Kaushik (Expert)
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14 November 2014 you need to split the TDS among joint holders. but TDS will apply if the overall value exceeds Rs 50 lakhs irrespective of number of joint holders

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