TDS on Purchase of Immovable Property
This query is : Resolved
02 March 2021
Respected Professionals, our's is Partnership firm, our boss purchased immovable property on his name but he used to made partial payment by firm. The value of property is more than 50 Lakhs, as per IT there will be 194IA applicable right?. My question is that payment made by the firm is liable to deduct TDS ?, as only approximately 10 Lakhs payment made by the firm and now we are transferring amount from firm to our boss account as we are recorded as drawings to boss capital account. So kindly suggest me about TDS.
02 March 2021
1)Under section 194IA, the purchaser of immovable property, who will make the payment to the seller, is required to deduct tax.
2)In your case its just drawings of partner & firm didnt purchased any immovable property.Hence TDS liability doesnt arise
2)In your case its just drawings of partner & firm didnt purchased any immovable property.Hence TDS liability doesnt arise
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