Tds on property

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This query is : Resolved

SANWAR MALL AGARWAL (Querist)
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13 May 2016 I have a quarry: Mr. X has sold 30% of his property to Mr. A for 21 Lakhs and 30% of his property to Mr. B for 20 Lakhs and 40% to Mr. C for 28 Lakhs. These sale has taken place by all separate sale deeds in favour of Mr. A, Mr., B & Mr. C. Please clarify whether all of them have to pay 1% IT .

S.M.AGARWAL

CS Advocate Abhishek Goyal

CS Advocate Abhishek Goyal (Expert)
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14 May 2016 Seller can sell the property in parts to different persons. Since there are 3 separate sale deeds there is no TDS liability on any of the three buyers though total sale consideration exceeds Rs. 50,00,000/-.

Abhishek Ranjan Singh

Abhishek Ranjan Singh (Expert)
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14 May 2016 If it is One property than 194 IA is applicable. Hopefully following article is helpful :

https://taxguru.in/income-tax/notices-related-tds-immovable-property-purchase.html

https://www.caclubindia.com/articles/understanding-tds-on-purchase-of-immovable-property--26698.asp

Abhishek Ranjan Singh
ARS Solutions
www.arssolutions.co.in
+919022838615

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