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Tds on payment to developer

This query is : Resolved 
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(Querist)
06 February 2014 HOUSING SOCIETY MAKES PAYMENT TO THE DEVELOPER FOR PAYMENT TO THE LANDLORDS
TOWARDS PURCHASE OF LAND. THIS IS APART
FROM DEVELOPMENT AGREEMENT. WHETHER THE
PAYMENT ON ACCOUNT OF PURCHASE OF LAND ATTRACTS TDS.

KINDLY CLARIFY.

WITH REGARDS
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Nikhil Kaushik

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Nikhil Kaushik (Expert)
06 February 2014 yes. purchase of land attracts TDS at 1% under section 194-IA
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CA. SUDHARSAN K G

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CA. SUDHARSAN K G (Expert)
06 February 2014 The Buyer has to deduct TDS on payment of any consideration for purchase of any immovable property from a resident transferor other than rural agricultural land.

However, no deduction shall be made where the consideration for the transfer of an immovable property is less than fifty lakh rupees.

These provisions are applicable for all payments made on and after 1st June 2013 by or to any persons.

Note: For Resident Seller 1% TDS u/s. 194-IA is applicable and for Non Resident Seller 20% TDS+SC+Cess u/s. 195 is applicable.
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