SECTION 194IA ON HOUSE PURCHASE THROUGH BANK FINANCE

This discussion clarifies that Section 194IA of the Income Tax Act applies to property purchases exceeding 50 lakhs, even when bank finance is involved. It confirms that the section is applicable regardless of whether the payment is entirely through a housing loan or partially financed. The thread also addresses how to correctly fill Form 26QB, specifically the 'total consideration' field, when dealing with joint buyers and a property value of 1.1 crore.