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Tds on immovable property

This query is : Resolved 
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(Querist)
15 May 2014 Dear Friends
Please tell me one of my client purchased land 31-3-14 for Rs. 71,00,000. but didn`t deducted any TDS on purchase of immovable prop.

My client`s income is from other sources only Rs. 300,000 P.A. and never audited earlier year.

He purchased this land out of loan received from others.
Does he liable to deduct TDS.
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Sandeep Dharar

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Sandeep Dharar (Expert)
15 May 2014 Yes he is liable for tds:-

vISIT THE FOLLOWING LINK:-


https://www.taxindiaonline.com/RC2/inside2.php3?filename=bnews_detail.php3&newsid=17140
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CA Shyam Agarwal

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CA Shyam Agarwal (Querist)
26 May 2014 if i purchased property from three vendor then how many form 26QB to be file.
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CA Shyam Agarwal

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CA Shyam Agarwal (Querist)
07 June 2014 My client purchased a property in march 2014 but he didn`t deduct TDS & paid to 70,00,000 to the seller.

Now seller is ready to pay TDS amount to my client. I want to know penalty of interest would be 1% or 1.5%.
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