bought a property in 2018
at the total consideration value of 47 lacs but its fair market value is 54 lacs. do i need to deduct tds under section 194ia
deduction under sub-section (1) of 194IA shall be made where the consideration for the transfer of an immovable property is fifty lakh rupees or more.
Consideration means FMV or Stamp Duty Value(Taken as Market Value) whichever is higher.
In above situation, consideration equals to 54 Lacs and TDS required under section 194IA @ 1% of 54 Lac.
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