Help me on 194ia

TDS 1127 views 4 replies

Hi

I want to know that if an ind/huf is selling his property falling u/s 194IA.

then he has to get TAN for the complaince of this section

Replies (4)

Sub-section (3) has been inserted in section 194-IA to provide that provisions of section 203A containing the requirement of obtaining TAN, shall not apply to a person required to deduct tax in accordance with the provisions of section 194-IA.

It is not required to obtain TAN for section 194-IA.

The Challan for payment is available on the NSDL Site and the Challan itself acts as Return

NO TAN REQUIRED ONLY PAN OF SELLER AND PURCHASER ARE MANDATORY.JUST FILL THE FORM ON TIN WEBSITE.EITHER MAKE PAYMENT IMMEDIATELY OR SUBSEQUENLY.  9 DIGIT ACKNOWLEDGEMENT NO. WILL BE GENERATED AND IF U WANT TO PAY SUBSEQUENLY , FILL THE DETAILS AS GIVEN ON ACKNOWLEGEMENT AND MAKE PAYMENT.LAST DATE IS 7 DAYS FROM THE END OF MONTH IN WHICH TAX IS DEDUCTED.

Pls. advice about applicability of TDS @ 1% under following circumstances

A :-

1) Cost of Property : Rs.80,00,000/-

2) Before 01/06/2013 amount paid Rs.40,00,000/-

3) Property is registered on 28/03/2013

B:-

1) Cost of Property : Rs.80,00,000/-

2) Before 01/06/2013 amount paid Rs.40,00,000/-

3) Property is not yet registered.

Query : (For - A)

1) Whether TDS is applicable since the property is registred before 01/06/2013

2) If yes whethre the TDS shall be applicable on remaining amount of Rs.40,00,000/- or on entire consideration

Query : (For -B)

1) Whethre the TDS shall be applicable on remaining amount of Rs.40,00,000/- or on entire 

    consideration.

2) Whether TDS is payable once on entire consideration OR against each installment


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