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Urgent regarding Property Acq.
if lawyer provides services regarding ownership change in case of building and charges Rs.50000, then whether TDS is applicable because we capitalise that expense, because total expenses incurres are Rs. 6lac including stamp duty
Replies (6)
Quick Summary
Yes
TDS is applicable u/s 194J on Rs. 50000
TDS is applicable u/s 194J on Rs. 50000
Even if we capitalise whole exp.?
Yes, Anmol Ji
Yes TDS U/s 194J of the Income Tax Act 1961 @ 10% will be applicable on Legal Services since the amount exceeds Rs. 30,000.
If TDS is not deducted on Rs 50,000 of Legal fees what will be the consequenses ? Whether Depreciation on Capitalised Legal fees will be allowed?
Sir, I am in favour of point that we can capitalise even lawyer fees also as it is incurred for ownership change. but some experts are saying that you cannot capitalise lawyer fees. It leads to contradictory treatment. what can I do?
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