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Applicability of TDS under 26QB where a partner contributes land as capital under MOU


Vipin Kumar   30 March 2020

Vipin Kumar

 7 likes  108 points

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we have a partnership firm in which one of the existing partner is contributing land as capital to the firm through memorandum of understanding
the land value exceeds 50 lakhs
is it neccassary to deposit TDS under 26QB
Thanks in advance

avater

Miss Mansi Bhojani (Practicing Chartered Accountant)     31 March 2020

Miss Mansi Bhojani
Practicing Chartered Accountant 
 164 likes  1673 points

View Profile | My Other Post

As per section 45(3),if a partner contributes an immovable property or capital asset in form of capital contribution the same is treated as transfer and capital gains provision apply. Therefore, it is considered sale and if the value exceeds Rs 50 Lakhs then TDS provisions do apply to deduct TDS @ 1%.


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