TDS on purchase of immovable property non deduction

Save Share

This query is : Resolved

Quick Summary

An individual purchased an immovable property for Rs.60 lakhs, assuming no TDS was required as each of the four joint sellers' shares were below the Rs.50 lakh threshold. The query asks if the tax department can raise a demand for non-deduction and if there are any supporting case laws. A suggestion was made to obtain a certificate from the seller's CA confirming full tax liability payment to avoid penalties.

Subhash

Subhash (Querist)
Follow

09 August 2024 Assessee had purchased one immovable property for Rs.60 lacs and no TDS was deducted on the assumption that there were 4 joint sellers of the said property and each share was less than 50 Lacs.

Can the department raise a demand for non deduction of TDS or is there any case laws in our support ?

Thanks in Advance

Dhirajlal Rambhia online

Dhirajlal Rambhia online

(Expert)
Follow

11 August 2024 If the seller has paid his tax liability by filing ITR, take his CA's certificate that the tax liability has been fully paid and there is no dues over the sale transaction. That can save you from the penalties.

Dhirajlal Rambhia online

Dhirajlal Rambhia online

(Expert)
Follow

09 September 2024 Good Luck.

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now