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.
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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