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194ia

26 July 2014

Hi every1,

We(Co.) have purchased property in 2010 from DLF on installment basis at the time we were not required to deduct TDS. Whether now by virtue of Sec.194IA we are liable to deduct TDS on payment of next installment which will be due on June2014.

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2 Replies

Tribhuvan Aditya Singh (Student as well as Self-employed) (3710 Points)
Replied 26 July 2014

Section 194IA is only attracted for the transactions on or after 1st June, 2013.

For example:- Sale agreement is made before 1st June, 2013 but consideration received after 1st June, 2013 – Sec 194IA is not applicable.

Advance consideration of Rs 5000,000 or more is received before 1st June, 2013 but sale agreement made after 1st June, 2013. – Section 194IA is not applicable.