Tds on immoveable property
This query is : Resolved
CA DIMPLEKUMAR V. SHAH
(Querist)
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.
19 August 2014
it will be dedcuted only on payment made after 1.6.2013 so on 40 lacs
Rupesh Jain
(Expert)
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
(Querist)
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
(Expert)
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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