Search Results For: 194IA


QUERY: Whether TCS is applicable on sale of immovable property above Rs. 50/- lakh?
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Section 194-1A of the Act provides that if consideration for transfer of an immovable property is Rs. 50/- lakh or above, a person being a transferee (purchaser) is responsible for paying to a resident transferor (seller) any sum by way of consideration for transfer of any immovable property (other than agricultural land) shall at the time of credit of such sum to the account of the transferor (seller) or at the time of payment of such sum in cash or by issue of a cheque or drafts or by any mode, whichever is earlier deduct an amount equal to @ 1% of such sum as income tax thereon.

QUERY: Mr. & Mrs. H are joint owners of a plot of land. The plot is sold to Mr. T for Rs. 52 lakhs

(i) Whether the tax is required to be deducted u/s. 194IA, though the amount payable to each co-owner is less than Rs. 50 lakhs?

(ii) Whether the limit is qua immovable property or qua transferor/s?
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EXPERT:
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Section 194IA provides that any person being a transferee, responsible for paying (other than the person referred to in section 194LA) to a resident transferor any sum by way of consideration for transfer of any immovable property