my client (Individual) purchased lease right for 999 yrs at lumpsum consideration of Rs 1.5 cr from individual(Seller).My question is about TDS applicability on such transaction that whether TDS deeducted U/s 194IA @ 1% via filing 26QB or U/s 194IB via paying TDS @ 5% ???????????????????Kindly guide me.
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Tds on sale of lease rights
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Lump sum premium paid is equivalent to sell consideration and as such Sec. 194-IA of IT act should be applicable.
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