Sec. 194ia
This query is : Open
Querist : Anonymous
Querist :
Anonymous
(Querist)
24 April 2015
One of my client has made agreement to sale of Office in Dec. 2014 for purchase of the same for Rs.49.50 lacs
Now he wants to register his office by registered purchase deed, but now govt. value is coming to Rs.55 lacs.
So, he wants to know whether he will have any adverse implication, if he make purchase deed for the amount they have agreed in agreement to sale (i.e. Rs.49.50lacs) and pay full stamp duty on the govt. value (i.e. Rs.55lacs).
And if no adverse effect for him them whether he has to deduct TDS u/s. 194IA instead of actual purchase value of Rs.49.50 lacs paid by him.
Now he wants to register his office by registered purchase deed, but now govt. value is coming to Rs.55 lacs.
So, he wants to know whether he will have any adverse implication, if he make purchase deed for the amount they have agreed in agreement to sale (i.e. Rs.49.50lacs) and pay full stamp duty on the govt. value (i.e. Rs.55lacs).
And if no adverse effect for him them whether he has to deduct TDS u/s. 194IA instead of actual purchase value of Rs.49.50 lacs paid by him.
24 April 2015
1.He is not required to deduct TDS U/s 194-IA because The TDS liability is on the basis of amount paid /payable.
2. However, the difference of Rs 5.50 lac (55.00-49.50) will be taxable U/s 56(2)(vii)(b) w.e.f. AY 2014-15.
.
In such a situation paying the full govt. value will be more beneficial.
.
2. However, the difference of Rs 5.50 lac (55.00-49.50) will be taxable U/s 56(2)(vii)(b) w.e.f. AY 2014-15.
.
In such a situation paying the full govt. value will be more beneficial.
.
Querist : Anonymous
Querist :
Anonymous
(Querist)
24 April 2015
Thanks sir.
Rs.5.50 lacs taxable in the hands of seller or purchaser???
Rs.5.50 lacs taxable in the hands of seller or purchaser???
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