TDS on sale of Immovable property

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Prathamesh Jain (Querist)
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09 October 2016 Hello all, I want to enquire about the following situation, Fact - person is going to purchase a plot layout with stamp duty value of 75 lacs (45000 Sq ft. Aprox). But different sale deeds are made for 25, 27, 23 lacs. The layout is divisible and dose not represent single property. Purchase deeds are made on different dates but on name of single person. My question is whether TDS u/S 194IA is applicable? In my opinion the threshold limit of 50 lacs is for each sale deed and not for per person per year. Therefore provisions of 194IA are not attracted.

Amol S Joglekar

Amol S Joglekar (Expert)
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09 October 2016 yes, your contention is correct.
section 194-IA(2)
No deduction shall be made where the consideration for the transfer of an immovable property is less than fifty lakh rupees.

https://www.incometaxindia.gov.in/Pages/acts/income-tax-act.aspx

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Prathamesh Jain

Prathamesh Jain (Querist)
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09 October 2016 Thank you...

Amol S Joglekar

Amol S Joglekar (Expert)
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09 October 2016 you are most welcome.

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