TDS ON PROPERTY

This query is : Resolved 
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When purchasing immovable property for a total of Rs. 90 lakhs, but split into two sale deeds of Rs. 45 lakhs each, TDS under Section 194IA is not required to be deducted on each individual deed. This is because the value of each sale deed is below the Rs. 50 lakh threshold for mandatory TDS deduction.

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(Querist)
26 September 2020 I HAVE PURCHASED AN IMMOVABLE PROPERTY FOR RS.90 LACS FROM A SINGLE PERSON AND TWO SALE DEEDS FOR RS.45 LACS EACH ARE TO BE EXECUTED ON DIFFERENT DATES FOR THE SAME PROPERTY.

SHOULD I DEDUCT TDS U/S 194IA @ 0.75% ON THESE TWO SALE DEEDS OR NOT TO DEDUCT AS THE VALUE OF EACH SALE DEED IS LESS THAN RS.50 LACS.
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Bhaskaran Chackrapani Warrier

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Bhaskaran Chackrapani Warrier (Expert)
26 September 2020 No, since, the value mentioned in each sale deed is less than Rs. 50 lakhs.
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C.A. Mayur J. Raiyani

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C.A. Mayur J. Raiyani (Expert)
27 September 2020 Not required as value is less than 50 l
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