Tds on immovable property - complicated issue
This query is : Open
Querist : Anonymous
Querist :
Anonymous
(Querist)
18 December 2013
The property belongs to the owner 'A' who transferred the property to 'B' by way of sale agreement (agreement not registered) after receiving consideration from 'B'.
'A' filed the Income tax return under capital gains.
Meanwhile 'B' appointed POA 'C' on behalf of 'A' on the same day of sale agreement.
'E' purchased the said property after paying sale consideration to 'B' and deducted TDS from 'B'.
Is it correct? From whom TDS should be deducted and paid ('A' or 'B')
'A' filed the Income tax return under capital gains.
Meanwhile 'B' appointed POA 'C' on behalf of 'A' on the same day of sale agreement.
'E' purchased the said property after paying sale consideration to 'B' and deducted TDS from 'B'.
Is it correct? From whom TDS should be deducted and paid ('A' or 'B')
Manish Bhandari
(Expert)
18 December 2013
A general opinion
Since A has filed the return hence as per Income taxlaw the transaction is complete as far as A is concerned. The agreement is not registered will not change the ownership of B as it is execueted but not registered.
Also E paid the sum to B as he is owner now as per the transaction so TDS will be attracted on the transaction with B.
Since A has filed the return hence as per Income taxlaw the transaction is complete as far as A is concerned. The agreement is not registered will not change the ownership of B as it is execueted but not registered.
Also E paid the sum to B as he is owner now as per the transaction so TDS will be attracted on the transaction with B.
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