Sec. 194 IA is effective from 1/6/2013. Suppose there is case where the total consideration is Rs. 2 Cr, Rs. 1 Cr was paid as advance in January 2013 & balance Rs. 1 Cr is being paid now at the time of registration of property, on what amount should TDS of 1% be deducted? on Rs. 1 Cr or 2 Cr?
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Tds on transfer of immovable property - query
Replies (10)
With effect from June 1 2013, any person who acquires an immovable property (other than agricultural land) from a resident transferor and where the value of consideration exceeds Rs 50 Lakhs, shall be required to deduct tax at source at the rate of 1 percent.
TDS on whole Amount only & not on 1 crore
Transferee will have to pay 1% TDS at the time of credit of such amount to the account of transferor or at the time of payment of such amount whichever is earlier. It means transferee will pay 1% TDS on 2 Cr.
Yes I Agree
Translation effected in transferee account will be deduct @ 1% TDS on or after 01-06-2013 so, TDS @ 1% will be deduct from 1 crore, 1 crore collected before 01-06-2013 no TDS.
Translation effected in transferee account will be deduct @ 1% TDS on or after 01-06-2013 so, TDS @ 1% will be deduct from 1 crore, 1 crore collected before 01-06-2013 no TDS.
Dear DIBYENDU,
It is not like that
please refer budget particulary in this matter
Please read article https://www.simplifiedlaws.com/tds-on-sale-of-immovable-property
the above site is not available
TDS @ 1% on the value of transfer of immovable property where the consideration is Rs. 50 Lacs or more to be deducted either at the time of making payment or crediting of any sum as consideration for transfer of immovable property, whichever is earlier.
He has to pay TDS @ 1% on Rs 2 crore.
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