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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.
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