Tds u/s.194-i

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P Roy (Querist)
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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.

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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12 February 2015 yes he is correct and tds was deductible and now also int is payable

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P Roy

P Roy (Querist)
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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?

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