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Tds on immovable property u/s 194ia

This query is : Resolved 
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(Querist)
19 June 2013 Client has purchased an immovable property for Rs60Lacs. The payment for Rs30lacs has been made prior to 1st June 2013 and balance payment of Rs 30lacs has been made after 1st June 2013.

Please advice whether TDS is required to be deducted as the total consideration of house exceeds Rs 50lacs ? if yes, on what amount.

Please reply at the earliest .
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CA PARAS BAFNA

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CA PARAS BAFNA (Expert)
23 June 2013 In the books of account maintained by the purchaser, if amount of Rs 60lac has been credited to the Vendor prior to 1-6-2013, then there is no TDS liability.
.
However, if the property will be transferred
after 1-06-2013, then TDS should be deducted
on the total consideration of Rs 60.00 lacs @ 1%.
.
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