Get News Alerts from Taxmann.com on your desktop.
No Thanks Allow
You have blocked the notification on recent updates. Click below to re-subscribe.
No Thanks
You have already subscribed to Taxmann’s notification.
No Thanks UnSubscribe
Your Session Will Expire in   seconds.
If you do not wish to log-out, choose 'Let me continue'
Reset Session Cancel Session
 
Skip Navigation Links
Dr. Vinok K. Singhania on the Income-tax Act, 1961
  • TDS deductible on purchase of immovable property

    by ashok on Thursday, August 20, 2015 at 11:38 AM

    Sir, Mr A & B are jointly buying a flat.Consideration is 60 lacs.Ais paying Rs 30 lac and B is paying 30 lacs.Wether they have to deduct 1% tds u/s 194-IA? thanks

    Replied byDr. Vinod K SinghaniaTax Management Consultant Date: 20/08/2015

    As the consideration of the property is more than the threshold limit of Rs. 50 lakh, TDS provisions of section 194-IA are applicable. Consequently, A will have to deduct and deposit tax @ 1% of Rs. 30 lakh. Likewise, B will have to deduct and deposit tax @ 1% of Rs. 30 lakh.

 
taxmann.com
Payment
Best view in 1140 x 768