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Tds on property registration
Is the TDS on property purchase applicable for purchase of agriculture land? If so, does the more than 50 lakhs rule (property value) apply for agriculture land too?
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" Is the TDS on property purchase applicable for purchase of agriculture land?"
No, TDS u/s. 194IA not applicable for RURAL agricultural land.
Any sum paid by way of consideration for transfer of any immovable property (other than agricultural land) is covered under section 194-IA, provided the consideration for transfer of an immovable property is not less than Rs. 50 lakhs.
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