03 July 2019
Respected sir, in case of purchase of immovable property amount exceeds 50 lakh, tds @1% need to be deducted. but if documents of immovable property was in name of more then one person then we have to consider 50 lakh in total or in person wise. for example if i purchase a land amounting 52 lakh and total payment was made of rs 52 lakh to 3 persons reason is land was registered on name of 3 person(there are 3 seller of one land) so payment was made 20 lakh, 20 lakh and 12 lakh so whether 1% tds need to be deducted or no need to deduct tds.
03 July 2019
CITATION::- Vinod Soni vs. ITO (ITAT Delhi), decision dated 10-12- 2018
The exemption of Rs. 50 lakhs in s. 194-IA(2) is applicable w.r.t. the amount related to each transferee and not with reference to the amount as per sale deed. Each transferee is a separate income tax entity and the law has to be applied with reference to each transferee as an individual transferee / person.
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