Whether tds is applicable on sale of asset
This query is : Resolved
AshishLimaye
(Querist)
03 October 2013
Whether TDS is applicable on Sale of Asset
CA Pallav Singhania
(Expert)
03 October 2013
TDS ON IMMOVABLE PROPERTY U/S 194IA
The finance minister has said that 1% tax will be deducted at source (TDS) on immovable property.
The cut-off value for such a transfer of property is above Rs.50 lakh. So if you have a house or a plot of land, which is valued above Rs.50 lakh at the time of sale, then you will have to pay a TDS of 1% while selling it.
Agricultural land is exempt from this.
The finance minister has said that 1% tax will be deducted at source (TDS) on immovable property.
The cut-off value for such a transfer of property is above Rs.50 lakh. So if you have a house or a plot of land, which is valued above Rs.50 lakh at the time of sale, then you will have to pay a TDS of 1% while selling it.
Agricultural land is exempt from this.
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