Should gst be excluded in rs 50 lacs limit u/s 194ia ?
This query is : Resolved
28 August 2018
Should GST be excluded from consideration value for determining the threshold exemption limit of Rs 50 lacs u/s 194IA. Please support your answers with a Circular / Notification or Case law.
There is a CBDT circular which clarifies that if GST is indicated separately, TDS shall be deducted on amount excluding GST. This circular clarifies the 'quantum' on which TDS shall be deducted. However, the question here is whether TDS is applicable or not in certain scenario, where flat cost does not exceeds the threshold of Rs 50 Lacs without taxes, but it do exceeds the threshold with taxes.
Real life scenario for a under construction property:
Consideration value without GST = Rs 49 Lacs (ie: below Rs 50 Lacs)
GST = Rs 5 Lacs
Consideration value including GST = Rs 54 Lacs (ie: above Rs 50 Lacs)
There is a CBDT circular which clarifies that if GST is indicated separately, TDS shall be deducted on amount excluding GST. This circular clarifies the 'quantum' on which TDS shall be deducted. However, the question here is whether TDS is applicable or not in certain scenario, where flat cost does not exceeds the threshold of Rs 50 Lacs without taxes, but it do exceeds the threshold with taxes.
Real life scenario for a under construction property:
Consideration value without GST = Rs 49 Lacs (ie: below Rs 50 Lacs)
GST = Rs 5 Lacs
Consideration value including GST = Rs 54 Lacs (ie: above Rs 50 Lacs)
27 September 2021
As the consideration of property is 49 lakhs, by which the sale agreement is made, value on which stamp duty paid, ............ TDS not applicable.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Filing d ITR by registered legal heir
- Tax implications of gift to maternal uncle
- Closure of a PVT LTD company
- ROC filings for the first year of incorporation
- Real estate business by a partnership firm where both of the partners are SC/ST
- 26QB correction - no data available error for fully consumed/processed with default
- How to open attachment in 23ac xbrl
- TDS on Purchase of Immovable Property in case of Co Owner
- Short term capital gain Section 87A
- When I Login E-invoice portal with waybill user id and pw, it is showing 3011 error data
- Input Tax Credit Puf panels
- Unable to convert User role from Registered user to Business user on MCA V3 portal
- Please help with SAC Codes (6 digits) for below mentioned services provided by Chartered Accountant
- Need to send letter to GST dept. For claimed missed ITC
- Printing Press under Composition Scheme
- 140-A Tax Wrongly Paid PAN No
- CSR funding for private limited companies
- SAC codes for Chartered Accountant
- Professional tax deduction monthly
- Cross charges verses Isd methof
CAclubindia
