Tds u/s.194-i
This query is : Resolved
12 February 2015
One of my client has not deducted tds on purchase of immovable property amounting Rs.75,00,000/- and subsequently got notice from Income Tax Dept.
But the fact is that the land was purchased jointly by two persons including my client and he holds 50% right on the land.
As I told the fact to the Assessing Officer he replied that as the purchase was done in one deed it attracts sec.194-I as the amount exceeds Rs.50,00,000/-.
So please help me in this regard.
But the fact is that the land was purchased jointly by two persons including my client and he holds 50% right on the land.
As I told the fact to the Assessing Officer he replied that as the purchase was done in one deed it attracts sec.194-I as the amount exceeds Rs.50,00,000/-.
So please help me in this regard.
12 February 2015
yes he is correct and tds was deductible and now also int is payable
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13 February 2015
Thank You Sir,
But what is my duty now as both the seller and purchaser have already submitted their IT returns for the relevant assessment year. Shall I approach the Seller for the tds amount?
But what is my duty now as both the seller and purchaser have already submitted their IT returns for the relevant assessment year. Shall I approach the Seller for the tds amount?
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