Tds on purchase of immovable property
This query is : Resolved
15 February 2014
if a person buy a flat for rs 48 lacs but later on under section 56(2)(7)b the value is assessed at rs 65 lacs then is he also liable to provisions of TDS on purchase of flat
if yes then what is the penalty etc
15 February 2014
well no. the consideration for you shall remain at 48 lacs. and TDS should not apply. section 56(2)(7)(b) gives a presumptive value for taxation. it doesnt tantamount to consideration as far as 194-ia is concerned.
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