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Tds applicability on sale of development right certificate

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(Querist)
24 September 2013 Dear Sirs,

Please clarify whether TDS is applicable on purchase of Development Right Certificate (TDR) through a deed of conveyance of development right certificate under sale of property. The Development Right Certificate (DRC) is issued by Bangalore Mahanagara Palike to the transferor for relinquishment of his property during May 2008.

Your valuable suggestion and advise is requested.

Thanking you,
BNSRao
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Ashwani Narnoli

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Ashwani Narnoli (Expert)
24 September 2013 Since the payment is made to local authority TDS should not be deducted.

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