Hi all
Purchase of one land & building value amount of Rs 5 crore to be paid to seller by cheque. but its guidline value (govt municipal value) to be registered the property is 6 crore. Now my query is which value to be considered for Tds deduction?
Menu
TDS deduct on purchase of immovable property
Replies (8)
This issue is addressed by the finance bill 2022, wherein it is proposed to amend section 194-IA to state that TDS would be deducted on the sale consideration or stamp duty value whichever is higher. so if the transaction would take place on or after 1 April 2022, the TDS would be deducted on stamp duty value of INR 6 crores being higher than the sale consideration.
Value as per sale deed is to be considered for Tds purposes
Not only sale deed all expenses pertaining to put to asset to use is to be considered.
This is as per Accounting Standard.
This is as per Accounting Standard.
It's not capital gain to consider expenses on transfer but it is Tds on sale of house property..
Purchaser has to deduct Tds and the value should be as per sale deed
Purchaser has to deduct Tds and the value should be as per sale deed
If Tds deducted on 6 crore, the excess Tds credit benifit will get by seller? Right
Accounting Norms is violated. Stamp Duty Value is ascertained not violating such norms. Do not segregate income tax from accounts. They are correlated.
Excess credit goes to seller but seller has to pay huge tax on 1 crores ( 6-5)
One doubt in here in Form 26qb filing, my actual consideration is on 5 crores which I have to pay before Tds deduction, Tds deduction column what amount to be put? and what amount to be pay to seller after Tds deduction, if benchmark value is 6 crores
Recent Topics :
- Hello dear I want help .
- Category B/D pop up after the file is e verified
- Section 56(2)(x)(xi) applicability to compensation
- How to claim exempt income u/s 10(26) in ITR-1 of
- 63053900 tax rate
- Clubbing of deceased's income
- Which ITR to use
- Sovereign gold bond capital gain
- In TDS section no column for relationship in itr
- Query related to agricultural income of Trust
Related Topics :
CAclubindia
