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Is sale of development risghts covered u/s 194ia?

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(Querist)
30 January 2014 Is the sale of Development Rights covered under section 194-IA as sale of an immovable property? Should TDS be deducted while purchasing development rights?
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CA Siddhartha Bhardwaj

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CA Siddhartha Bhardwaj (Expert)
30 January 2014 Development rights is NOT an immovable property. It is an intangible property.

Accordingly Section 194-IA is NOT applicable to sale of development rights.

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