15 June 2013
Dear All Do we need to deduct tds u/s 194 IA in case two individual jointly buy a property worth 73 lakhs? as each individual share is 50% each.hence they pay 36.5 lakhs which is below Rs 50 lakhs. Should they apply for TAN and submit returns individually?
15 June 2013
Sir Can we apply the logic of joint owner in deciding the threshold of Rs 50 laks as we do in the case of rent u/s194 I. Each owner is paying Rs 36.5 which is less than Rs 50 lakhs? Regards
15 June 2013
In my opinion also, the Section is not owner specific. . Can each joint owner dispose off his share in the property separately ? Answer is-No. .
In such a case the cost of immovable property becomes the criteria for TDS. For such a property, payment made to each co-owner is liable to tax. .
CAclubindia
