Sale of immovable property
This query is : Resolved
Shishir Tiwari
(Querist)
21 January 2016
I want to know that the circle rate of land is rs 58 lacs where as actual consideration amount is rs 38 lacs in which amt the tds should be deducted
22 January 2016
Though for the calculation of capital gains for seller provisions of section 50C will apply but for the purpose of TDS u/s 194IA section 50C does not apply since the words used in section 194IA are "consideration". so TDS to be deducted or not would depend upon actual consideration. Moreover section 50C is only a deeming fiction which has a limited application and does not travel beyond that in absence of specific provisions.
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