23 November 2013
Sir, We have takeover a project for rs 55,00000/- and they have provide us some payment list to whom x co. paid money but they do not have deducted tax on the said amt.
my question is would we will liable to pay tax in future if we purchase project for 55L.
one more question we made agreement that mention we are paying 55L & taking over a project
are we ne to deduct tax on the said amt (55L) Pl suggest its urgent
24 November 2013
In my view, you are purchasing the project, you are not responsible for the past evils of the predecessor as the same was to be claimed as expense by them. . U/s 194 I -immovable property has been defined as as land or building or part of a building. Now, if your project is consisting of these two valued at Rs 50.00 lac or more, TDS liability would arise U/s 194-IA. . Please proceed under the guidance of an expert. .
CAclubindia
