Tds on immovable property

This query is : Resolved

CA Shyam Agarwal (Querist)
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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.

Sandeep Dharar

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

vISIT THE FOLLOWING LINK:-

http://www.taxindiaonline.com/RC2/inside2.php3?filename=bnews_detail.php3&newsid=17140

CA Shyam Agarwal

CA Shyam Agarwal (Querist)
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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

CA Shyam Agarwal (Querist)
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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%.