Tds on immovable property more than rs.50 lacs
This query is : Resolved
23 June 2013
As per new notification u/s 194-1A,If TDS required to be deducted @ 1% on the purchasers of the immovable property(whose consideration value is Rs.50 Lakhs and above)
My doubt it one of my relative has purchased property fr 65 lacs & it's registration is made on 31st May, 2013, it's part paymnt of Rs. 10 lacs is also made before 1st June bt Bank sanciones loan amount(without deducting TDS) on 8th June of balance payment.
In this case purchaser have to pay TDS amounT?
My doubt it one of my relative has purchased property fr 65 lacs & it's registration is made on 31st May, 2013, it's part paymnt of Rs. 10 lacs is also made before 1st June bt Bank sanciones loan amount(without deducting TDS) on 8th June of balance payment.
In this case purchaser have to pay TDS amounT?
23 June 2013
As the purchaser can show that he has credited the amount to the vendor as on 31-05-2013, he is not required to deduct any TDS.
.
.
23 June 2013
This is going to be a debatable issue since neither section 194IA nor CBDT has not addressed this issue so far.
23 June 2013
As the transfer has been taken place as on 31-05-2013, it becomes clear that the sum is payable to the vendor.
.
As the sum becomes payable it can be credited to the vendor as on 31-05-2013.
.
The CBDT will not make this settled issue a debatable one as the amount has been credited to the Vendor before 01-06-2013.
.
Further CBDT can not redefine the phrase "whichever is earlier" given in the Act.
.
.
As the sum becomes payable it can be credited to the vendor as on 31-05-2013.
.
The CBDT will not make this settled issue a debatable one as the amount has been credited to the Vendor before 01-06-2013.
.
Further CBDT can not redefine the phrase "whichever is earlier" given in the Act.
.
24 June 2013
Thanks Mr.Bafna Sir & Mr.Chacrapani Sir for your immediate reply.
As per Bafna Sir's point, of CBDT (whichever is earlier) can be put forward by purchaser if any issue arises, as part payment is made before 1st June but Bank has sanctioned balance amount after 1st June.
As per Bafna Sir's point, of CBDT (whichever is earlier) can be put forward by purchaser if any issue arises, as part payment is made before 1st June but Bank has sanctioned balance amount after 1st June.
24 June 2013
part payment of Rs.10 lacs is made by purchaser from it's own sources before 1st June, 2013
26 June 2013
Loan has been taken to discharge of a liability which was pre-existing as on 01-06-2013.
.
The existence of liability as on 31-05-2013 itself shows that the amount has been credited on or before 01-06-2013 and as such the said transaction took place earlier than the payment and such TDS provisions can not be made applicable in this case.
.
.
The existence of liability as on 31-05-2013 itself shows that the amount has been credited on or before 01-06-2013 and as such the said transaction took place earlier than the payment and such TDS provisions can not be made applicable in this case.
.
22 July 2013
Thanks a lot Mr.Bafna Sir for explanation
sorry for delay in reply
sorry for delay in reply
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
OR add as source on Google news
- US CPA Course
- GST audit turnover threshold
- Rebate Under 87A Issue
- Balance sheet for ITR-3
- ITDS on Lease Rent
- STCG vs LTCG mismatch in reports (Motilal Oswal Nasdaq 100 FoF).
- Gratuity not yet paid shown in form 16
- TDS deducted US 194JB can file ITR US 44ada
- Notice has been issued for wrong filling of place of supply in GSTR-1 return.
- TDS/TCS Claimed and Refund received in previous year
- Treatment of Losses from Future and Options Trading in Income Tax Return
- Form 13 lower TDS deduction certificate u/s 197
- Need Help for US CPA
- Self assessment tax amount
- ITC Liability on Capital Goods on death of Proprietor (GTA)
- Subject: Clarification on Applicability of E-Invoicing and 30-Day Reporting Requirement under GST
- GOODS SENT TO INTERSTATE BRANCH FOR EXHIBITION ON DELIVERY CHALLAN & GOODS RETURN BACK
- TRUST QUERY INCOME APPLIED
- Credit from Office of Regional Provident Fund Commissioner
- Interest for not showing invoice in GSTR-1
Trending Online Classes
-
Input Tax Credit, GST refunds and Recovery of refunds- Roadblocks and way outs
CA Nipun Arora03 September 2025 -
GST LIVE Certification Course - 43rd Weekdays Batch(With Govt Certificate)
Industry Expert15 September 2025
OR add as source on Google news
CAclubindia
