Tds on immoveable property

This query is : Resolved

CA DIMPLEKUMAR V. SHAH (Querist)
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19 August 2014 ASSESSEE PURCHASE IMMOVEABLE PROP.@ 70 LACS & PAYMENT MADE BEFORE 1ST JUNE 30 LACS & REST 40 LACS IN AUG 14. WHETHER TDS REQUIRED TO BE DEDUCTED ON ENTIRE AMOUNT OR ONLY ON 40 LACS.

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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19 August 2014 it will be dedcuted only on payment made after 1.6.2013 so on 40 lacs

Rupesh Jain

Rupesh Jain (Expert)
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19 August 2014 TDS to be dedued u/s 194IA @1% if property value equal to or exceeds Rs. 50 lcas.

CA DIMPLEKUMAR V. SHAH

CA DIMPLEKUMAR V. SHAH (Querist)
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19 August 2014 BUT THE LAW SAYS 1% ON CONSIDERATION PAID OR PAYABLE & HERE THE CONSIDERATION IS OF RS.70 LACS THEN WHAT WOULD BE THE CONSIDERATION TAKEN AS, WHETHER RS.70 LACS OR RS.40 LACS OR SOME OTHER VIEW NEEDS TO BE TAKEN??? KINDLY RESOLVE

Nikhil Kaushik

Nikhil Kaushik (Expert)
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19 August 2014 the section was made applicable only after 31 May 2013, so TDS applies only to payments made asubsequent to this date. if you are referring to 30 June 2014, then whole of the payment shall be chargeable to TDS at 1%

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