My client has received a notice from the IT Deptt. To show cause why TDS was not deducted and paid at the time of property purchase:
Facts of the case :
1) Market Value as per Registrar 51,50,000 RS. But Actual Sale Consideration is only 42,00,00 RS.
2) The Sale Consideration was given as follows:
On 31.03.2013 (I.e.prior to enactment of section) RS 40,00,000 and on 15.06.2013 ( I.e. after enactment of the section) RS 2,00,000.
Kindly guide whether there is any liability to deduct and pay TDS in this case.
Thanks in advance.
CAclubindia
