Tds on immovable property

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This query is : Resolved

Rahul (Querist)

08 June 2016 One of my client (Buyer of Residential H.P) has got a I-T notice for not remitting TDS u/s 194IA.

Details of Property Purchased is as follows,

1. Value of Property : Rs. 57 Lacs
2. D.O.P : Feb-2014 (Financial year 2013-2014)
3. Seller has declared the capital gains in his returns

So,
1. Can we remit tds u/s 194IA as on June 2016???
2. Can the seller claim the refund of the said tds ( 57,00,000*1% = 57,000) ??? As the seller doesnt have any other taxable income in that year?? And for this do we need to file revise return of the seller also??

Please guide me through the entrie procedure from buyer's point of view and also please guide me on the interest and penalty portion also for the same transaction.

Waiting for experts' support and help... Thanks in advance

Rupesh Jain

Rupesh Jain (Expert)

09 June 2016 this section applicable from 1-6-2013 after that date if value of assets exceeds rs.50 lacs then you have to deduct the tds 194IA and deposit the same. now you have to pay the intt on delay deposit the tDS @2% per month and tds return filling delay fine will be Rs. 200 per day , but intt. and fine max. to the tds amount.

now seller cannot revise the return but he can file rectification u/s 154

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