TDS on sale of property..
This query is : Resolved
19 May 2016
I have a query..the provision of Sec 194IA is that TDs is deductible if consideration is paid after 1.6.2013..what if part payment is made before that date and agreement is made after 1.6.2013..
also what if agreement is made before that date and payment is made after 1.6.2013
plz guide.
19 May 2016
if the transaction value exceeds the threshhold limit in that section..........and agreement is made after the threshhold date, TDS is to be made on the payment made on or after that date.
19 May 2016
thanks for reply..and what if in case part payment is made before that date..whether TDS is deductible...
20 May 2016
No need to deduct for the part payment given prior to 1.6.2013.
20 May 2016
OK..thank you for guidance..further with the same query, now a days IT dept is issuing notice for non payment of TDs
20 May 2016
OK..thank you for guidance..further with the same query, now a days IT dept is issuing notice for non payment of TDs
20 May 2016
OK..thank you for guidance..further with the same query, now a days IT dept is issuing notice for non payment of TDS in FY 13-14..now how to proceed with this..the agreement and payment of value is already done..should the buyer pay the TDS along with interest and penalty out of his pocket..is there any remedy for the same..
20 May 2016
you may proceed on the lines as described above. If your case falls under TDS, then go for it. There is one way out.....if the person whose TDS was required to be made ( i.e. the person from whom you bought the property) has paid the appropriate tax or has made sufficient arrangement to pay the same, you can prove this fact to the Assesing Officer.
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