UMESH (STUDENT) (24 Points)
05 March 2014Dear Sirs,
Query: A,B and C(NRI) jointly purchased an immovable property in India. The purchase price for each owner is Rs 20lakhs, Rs 15 lakhs and Rs 35 Lakhs respectively. In this case individual purchase price is less than Rs 50,00,000 but the aggregate value of the transaction is exceeds Rs 50,00,000. Thus section 194-IA would be applicable????
What amount of tds has to be deducted & at What Rate on payment made to C (NRI) not having PAN??.
SHASHANK AGARWAL
(self employed)
(114 Points)
Replied 05 March 2014
for TDS u/s 194IA , aggregate value of property need to be seen and hence in your case the TDS will have to be deducted.
Total TDS deducted will hace to be divided between the Joint Owners in proportion to their share in the property .i.e the proportion to cost of acquisition met by them.
for more queries : https://knowyourtaxation.blogspot.in/
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