Tds on payment of certain immovable property
This query is : Resolved
mukesh kumar jha
(Querist)
04 April 2015
Sir,
According to section 194-IA, TDS shall be deducted @1% on transfer of immovable property other than agricultural land exceeding Rs. 50 Lacs.
My query is,
Whether TDS shall be deducted for joint seller or joint purchaser if value of the property is Rs. 60 Lacs. Hence the share of each party is Rs. 30 Lacs.
According to section 194-IA, TDS shall be deducted @1% on transfer of immovable property other than agricultural land exceeding Rs. 50 Lacs.
My query is,
Whether TDS shall be deducted for joint seller or joint purchaser if value of the property is Rs. 60 Lacs. Hence the share of each party is Rs. 30 Lacs.
CA Kanj Goel
(Expert)
04 April 2015
In my view if the sale consideration to be received by each individual is clearly stated in agreement to sale then not required to be deducted otherwise it should be deducted.
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