18 May 2016
Please entertain this question Mr.X had purchased a flat from builder costing more than Rs 50 lakhs in financial year 2009-1O, payments regarding which were made in instalments and all the instalments were paid to the builder till financial year 2011-12 but registry was made in financial year 2013-14 i:e on 19 Feb 2014. All was going good. During F.Y 2015-16 Mr.X has got a notice from income tax department under section 194IA for non depositing of TDS.Section 194IA regarding purchase of immovable property comes into effect on 1st June 2013.Does Mr.X is required to deposit the TDS or not
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