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Tds on capital gain on business acquisition

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(Querist)
14 December 2013 Dear Experts,

A partnership firm is taken over by a Public Limited unlisted company and the company has deducted TDS on consideration amount u/s 194J.

1. Is TDS applicable?
2. If yes then under which section?
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Naresh Dharia F.C.A.

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Naresh Dharia F.C.A. (Expert)
14 December 2013 As per your query....Section 50B will apply wherein the Business is trf on consideration....
Section 194 J will not apply
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Amit Agarwal

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Amit Agarwal (Querist)
14 December 2013 but sir how is it possible to deduct TDS u/s 50C, there is no such section in TDS provision?
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