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
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section 194ia
Replies (2)
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.
Dear sir, thanks for your reply. but as i read on income tax site regarding section 194ia they have only used term conaideration not FMV or stamp duty. as per IT act consideration can be below Stamp duty which in turn will be covered in 56(2)b under income from other sources.
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