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TDS U/s 194IA

This query is : Resolved 
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(Querist)
13 March 2020 Daer Sir/madam

Partnership into the business of buying and selling of immovable properties and one of the partner while floating the firm he brought an immovable property as a capital introduction.
Now doubt arises that,

whether TDS needs to be done by the partnership firm for such property ?

Please give your valuable reply to the above issue
Thank you in advance
Laxmi
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CA R SEETHARAMAN

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CA R SEETHARAMAN (Expert)
13 March 2020 No TDS applicable if the property continue to be in the name of partner.
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Lakshmi

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Lakshmi (Querist)
14 March 2020 property will be in the name of partnership firm
so TDS has to be done since it satisfies 194IA
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CA R SEETHARAMAN

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CA R SEETHARAMAN (Expert)
14 March 2020 Agree with you TDS applicable if property transferred to the firm.
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