We a registered partnership firm are in process of purchasing an industrial plot from Industrial Development Corporation Limited of State Government, the cost being above 50 lacs. Its my query whether TDS under section 194IA would be applicable to us and how to deal with that.
Thanks
Neeraj
Section 194IA is inserted by finance act 2013 w.e.f 01.06.2013.
As per this section any person responsible for payment towards purchase of any immovable property to any resident person shall be liable to deduct tax @ 1%.
In your case, TDS will be required to deduct @ 1% on whole amount payable. You are not required to hold TAN, just paid amount deducted to the central government and file the return.
Regards,
Siddharth Bumb
www.siddharthbumb.blogspot.com
www.facebook.com/DTandIDT
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