Tds u/s 194 ia

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CA Santosh Dhumal (Querist)
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03 June 2014 If a builder made an agreement to sale on June 2012, and received sum of Rs.40,00,000 towards booking advance. after completion of building he in Aug 2013, he want to buy back the same. so he is paying back 40 lac as received booking advance and additionally he paying Rs.15,00,000. towards compensation. so whether 194 IA i applicable in this case.
would answer differ. if buy back effected in may 2013 and only compensation portion is paid in Aug 2014.

Nikhil Kaushik

Nikhil Kaushik (Expert)
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08 June 2014 if buy-back is done in August, then TDS shall apply. if the agreement is done in May 13, then tds will apply only to the amounts paid after 1 June.

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