Tds on sale of immovable property - 194ia
This query is : Resolved
13 June 2018
Dear Experts
Assessee buying an immovable property ( Building) from a nationalised bank in an auction for Rs 60 lakhs. Whether 1% TDS has to be deducted when the payment is being made to the Bank.
Please Reply
Assessee buying an immovable property ( Building) from a nationalised bank in an auction for Rs 60 lakhs. Whether 1% TDS has to be deducted when the payment is being made to the Bank.
Please Reply
13 June 2018
Yes,successful bidder has to deduct 1% of the Sale Price as TDS in the name of the
owner of the property & remit it to Income Tax Department as per section 194 IA of
Income Tax Act,1961 and only 99% of the Sale Price has to be remitted to the Bank.
owner of the property & remit it to Income Tax Department as per section 194 IA of
Income Tax Act,1961 and only 99% of the Sale Price has to be remitted to the Bank.
Message likes :
1 times
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Current Account Opening for Sole Proprietorship with Udyam Certificate - Zero Turnover
- TDS on Purchase of Immovable Property by NRI from NRI
- INTEREST APPLICABLE ON ITC REVERSAL PORTION
- Capital gain from sale of house property
- Copyright software
- SFT Cash Deposit in Current Account
- Value of property in capital gain
- Regarding TDS Applicability For Director Remuneration
- FORM 26A APPLICABILITY
- When TDS on GST applied
- GST Treatment of Insurance Commission for Existing GST Holder
- Cash gift by grand mother to her grand daughter
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
- Regarding change in correspondence address in SSP portal
- No Compliences after incorporation
- USEFUL LIFE OF USED/SECOND HAND COMMERCIAL VEHICLES
- Claiming TDS deducted by builder on Hardship compensation and Corpus
- Address Change to another state of a Registered Trust with 12AB approval
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
