Assessee buying an immovable property ( Building) from a nationalised bank in an auction for Rs 60 lakhs. Whether 1% TDS has to be deducted when the payment is being made to the Bank.
13 June 2018
Yes,successful bidder has to deduct 1% of the Sale Price as TDS in the name of the owner of the property & remit it to Income Tax Department as per section 194 IA of Income Tax Act,1961 and only 99% of the Sale Price has to be remitted to the Bank.
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