Tds on purchase of industrial land applicable of 194ia

This query is : Resolved

Guest

Guest (Querist)

19 February 2014 We have purchased a Industrial Land from One proprietorship firm,which the original allottee of Andhra Pradesh Industrial Infrastructure Corporation. The Value is above Rs.1 Crore.

Is this transaction attracts a TDS u/s.194IA.

If applicable who is liable to pay the TDS.
Is transferor(Seller) or transferee (purchaser).

Please advise us the above transaction

C A S.S.Agarwal, M.Com.,LL.B,

C A S.S.Agarwal, M.Com.,LL.B, (Expert)
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20 February 2014 Except in the dealing of Agricultural land all land or building purchase attracts TDS of 1% and that is to be deducted by the purchaser and he has to pay the same accordingly as per the provisions of the act.