I am buying an immovable property for exactly Rs. 50 lacs from a resident individual. Will the provisions of sec 194 ia attract? What will be your opinion if the consideration is 1.35 crores and I have entered into 3 agreements of Rs. 45 lacs each with the same person (just for the sake of avoiding tds provisions)?
1 Replies
Sindhuja
(Final Student)
(113 Points)
Replied 11 February 2014
194-IA. (2) says, "No deduction shall be made where the consideration for the transfer of an immovable property is less than fifty lakh rupees."
If the consideration is exactly 50,00,000, then 194-!A applies & TDS needs to be deducted.
Note the words "consideration for the transfer of an immovable property" Hence if the transfer is in respect of a single property then TDS will apply.
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