Tds on purchase of immovable property.

This query is : Open

tarunfromjalandhar (Querist)
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25 June 2013 Is this section applicable of transfer of Leasehold property under which only lease rights are transferred by the original lessee and actual ownership remains with the government. Also what are the consequences of non deduction of TDS in this case.

Rupesh Jain

Rupesh Jain (Expert)
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26 June 2013 U/S 194LA APPLICABLE ON TFR OF IMMOVABLE PROPERTY WHEN VALUE IS 50 LACS OR MORE THEN TDS DECUTABLE

NOT ON LEASE

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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26 June 2013 In case where payee is the Govt. no need to deduct TDS.
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Transfer of lease rights is different from transfer of immovable property. In my view Section 194-IA will ot be applicable.
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Please wait for expert opinions.
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tarunfromjalandhar

tarunfromjalandhar (Querist)
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26 June 2013 Lease right here is such as in case of leasehold property being alloted by the government in focal points/industrial areas and if such property is further transferred than what is the applicability of this section.

tarunfromjalandhar

tarunfromjalandhar (Querist)
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26 June 2013 thanks for replying