| Originally posted by : HUZAIFA | ||
 |
If someone is buying tenanted property above 50 L is he supposed to cut TDS?TDS is compulsory when there is transfere of immovable property above 50 LBut in this case technically he is not the owner mearly tenancy rights have been transferred to him as the legal owner of property is the landlord...please advise |
|
Section 194 IA is applicable only when Transfer of Immovable Property
and here Transfer means as defined under section 2 (47 ) of the Income Tax Act.
So that in your case TDS liability are arise because your client extinguish his right to other person
Thanks With Regards
Ravi SADhiyan
Naveen Fintech Pvt Ltd
Kolkata
CA Inter
View Details
Gupta Sachdeva & Co. Chartered Accountants
New Delhi
CA Final
View Details
CAclubindia
