Dear Experts,
One of my client purchased property worth exceeding Rs.50 Lakh on 23.09.2019, the entire sale consideration is adjusted with the advance which was paid to the seller in the year 2011. TDS @ 1% u/s 194IA is applicable? Kindly advice.
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Applicability of TDS u/s 194IA - purchase of property value exceeding Rs.50 Lakh
Replies (2)
This is a special case and tds cant be made applicable to it. anyhow u may have to face litigation if u dont deduct. ultimately the act will favour u.
It all depends upon what for you had given advance to the seller ??
TDS under 194IA buyer will have to deduct as the agreement executed now and payment is deemed to have been made now through the mode of adjustment.
Nothing stops you from sparing TDS amount by adjusting lesser amount to the extent of TDS amount.
Why to invite any trouble ?
TDS under 194IA buyer will have to deduct as the agreement executed now and payment is deemed to have been made now through the mode of adjustment.
Nothing stops you from sparing TDS amount by adjusting lesser amount to the extent of TDS amount.
Why to invite any trouble ?
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