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Is TDS Applicable On Purchase of Agriculture Land

Anoop Jain (102 Points)

14 March 2022

Dear Sir

is TDS Applicable or not On Purchase of Agriculture Land ?

Thanks
Anoop Jain

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13 Replies

CA Shubham SIngla (Proprietor) (24 Points)
Replied 15 March 2022

No tds is applicable for purchase of agriculture land.

1 Like

Eswar Reddy S (CFO- at NHTF) (58213 Points)
Replied 15 March 2022

Any person purchasing immovable property ( other than rural agricultural land) of Rs. 50 lac or more is required to deduct tax @ 1% from the payment made to seller. This new rule (Section 194IA of the Income Tax Act) introduced in the budget this year, is applicable from June1, 2013

Agriculture Land is specifically excluded

2 Like

Pincky Bhawsar (12 Points)
Replied 22 June 2022

Agriculture per kitne percentage tax lgta

2 Like

Eswar Reddy S (CFO- at NHTF) (58213 Points)
Replied 23 June 2022

Tax is not applicable on rural agricultural land

CA Rashmi Gandhi (Chartered Accountant) (86225 Points)
Replied 23 June 2022

If rural agriculture land then only TDS not applicable.

2 Like

Eswar Reddy S (CFO- at NHTF) (58213 Points)
Replied 26 June 2022

If it is urban agriculture land and sale value exceeds 50lakhs then Tds @ 1% u/s 194IA is applicable

CA Rashmi Gandhi (Chartered Accountant) (86225 Points)
Replied 26 June 2022

You already replied that earlier

1 Like

Eswar Reddy S (CFO- at NHTF) (58213 Points)
Replied 26 June 2022

Read it again and compare

CA Rashmi Gandhi (Chartered Accountant) (86225 Points)
Replied 10 July 2022

You checked it

1 Like

vijay ggduydyfh,tdy8yzHut7tdtt (12 Points)
Replied 29 July 2022

Dear Sir,

My boss purchased urban agricultural land of 3 acers in the year 2007 for Rs. 7.6L, and sold the same land on April 2021 for Rs. 82.22L. Also he didnt invest that amount any were till date.

What is the tax amount on capital gain? and if we pay the tax on Aug'2022 what is the interest.

2 Like