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Tds on purchase of industrial land applicable of 194ia

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19 February 2014 We have purchased a Industrial Land from One proprietorship firm,which the original allottee of Andhra Pradesh Industrial Infrastructure Corporation. The Value is above Rs.1 Crore. Is this transaction attracts a TDS u/s.194IA. If applicable who is liable to pay the TDS. Is transferor(Seller) or transferee (purchaser). Please advise us the above transaction
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AVTAR SINGH

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AVTAR SINGH (Expert)
19 February 2014 While making the payment, the purchaser will deduct 1% tax and deposit with Government. He will issue the tds certificate to seller who can claim TDS in his return.
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