Tds on purchase of immovable property

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

20 June 2016 i have purchase a industrial plot and got registration in the month of Sep-2013 for 55 Lakh. I have paid all consideration (55 Lakh) in the month of May-2013. From 1-june-2013 provision for TDS on Immovable property have been introduced.
Now my question is- I have paid all consideration before enactment of new section for TDS deduction but got registered that property in Sep-2013. Whether new section should be adhered to or not in my case.

CS Advocate Abhishek Goyal

CS Advocate Abhishek Goyal (Expert)
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20 June 2016 In my opinion since all consideration has been paid before June 2013 and section 194IA requires deduction of TDS at the time of payment or crediting payment there is no requirement of compliance with section 194IA. Even otherwise it is not possible to deduct tax as you have already paid the money.