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Tds u/s 194ia

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(Querist)
28 August 2016 My client has entered into an agreement for purchase of Flat costing Rs.50,50,000/- on 13/03/2012 and has paid Rs.10,36,000/- prior to 1.6.2013 as per agreeement. Further has paid in installment as and when asked by the builder.
My query is whether the provisions of Section 194IA regarding TDS @ 1% are applicable in this case because the agreement to purchase was entered before 01/06/2013.
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ACA Anurag

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ACA Anurag (Expert)
28 August 2016 Dear Manoj, Section 194IA has come into effect from June 01, 2013. It is important to understand the applicability of this section. This section will not be applicable for sale agreements made before June 01, 2013 irrespective of the date of receipt of consideration. Also advance received before June 01, 2013 will not be covered under the ambit of this section. Also transfers without any consideration do not hold a place in this section. Hope your query is resolved Kindly like if my response has helped you
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