TDS on sale of land
This query is : Resolved
RAKESH KUMAR BEHERA
(Querist)
06 October 2016
me and my brother purchased a joint property for Rs.1250000/-
Total Money is paid by me.
I want to deduct TDS on that,
what I have to do?
Amol S Joglekar
(Expert)
07 October 2016
Why do you want to do TDS on an amount of 12.5 lakh?
Message likes :
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Ankur Singhal
(Expert)
07 October 2016
no need to deduct tds in this case
Amol S Joglekar
(Expert)
07 October 2016
That is the reason I asked for the reason
RAKESH KUMAR BEHERA
(Querist)
08 October 2016
if it is a joint property and property value is 80,00,000/-
Then what is your answer and what I have to do
Amol S Joglekar
(Expert)
09 October 2016
in stead of changing the figure....try to find out the thresh hold limit for the different areas.
RAKESH KUMAR BEHERA
(Querist)
10 October 2016
actually guy's I wanted to know
if the property is a joint property, then how they will deduct TDS, and the 50lakh limit for individual or joint owners also
Message likes :
1 times
Amol S Joglekar
(Expert)
10 October 2016
better you go through the respective section, word by word. Then all such small difficulties will vanish away. Following is the link. Please go through the same. Section 194-IA....ok?
https://www.incometaxindia.gov.in/Pages/acts/income-tax-act.aspx
Please see the wording......the section comes into play as soon as the consideration for transfer of immovable property is 50 lakh or more....(No matter it is paid by 1 person or 2 or n number of persons...ok?)
The next is...... who has to deduct to tax.....any person being a transferee......if there are say 50 transferee...then each of them has to deduct tax......ok?
How much to deduct?......one percent of the amount paid/credited to resident transferor...)
Now tell me what is your next difficulty?
https://www.incometaxindia.gov.in/Pages/acts/income-tax-act.aspx
Please see the wording......the section comes into play as soon as the consideration for transfer of immovable property is 50 lakh or more....(No matter it is paid by 1 person or 2 or n number of persons...ok?)
The next is...... who has to deduct to tax.....any person being a transferee......if there are say 50 transferee...then each of them has to deduct tax......ok?
How much to deduct?......one percent of the amount paid/credited to resident transferor...)
Now tell me what is your next difficulty?
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