I want to know that if land is sale for rs 20lakh then whether tcs has to be deducted as per new rule?
Ashim kr Ray (social service) (1695 Points)
05 June 2016Ashim kr Ray (social service) (1695 Points)
05 June 2016
CA.Praveen Ponnappa
(CA PRactice)
(128 Points)
Replied 05 June 2016
Dear Sir, please note that as per sec 269SS payment can not be accepted in cash if amount is Rs. 20000 or more.
And applicability of TCS is only on sale of goods/service.
CA.Praveen Ponnappa
(CA PRactice)
(128 Points)
Replied 05 June 2016
269SS applies to transaction on immovable property also from 01.06.2015 onwards...
CA.Praveen Ponnappa
(CA PRactice)
(128 Points)
Replied 05 June 2016
269SS applies to transaction on immovable property also from 01.06.2015 onwards...
Ruchi
(CA)
(1410 Points)
Replied 05 June 2016
Tcs should be collected on whole amount and not just on the amount of cash payment.
vishal
(Job)
(91 Points)
Replied 05 June 2016
I think, we have to look this transaction from three angels
Land is capital good has specified section 194 IA for TDs.
And 206 (1d) specifically excludes payments made as per chapter xvii b.
This transaction fall under chapter xvii b.
Third from section 269ss.
B SREENIVASA SETTY
(PROPRIETOR)
(29 Points)
Replied 05 June 2016
I think we have to analyse in the following way.
1. If land purchased from developer by way of cash TCS will attract. Since for him it's sale of goods. For others it's a capital asset. Hence, TCS will not attract.
2. section 269SS is applicable for all the assesses
sanjith kotni
(Articled assistant)
(663 Points)
Replied 05 June 2016
TCS applicable on all cash transactions involved in sale or purchase of goods and services by way of cash exceeding limit as per finance act2016
Ashim kr Ray
(social service)
(1695 Points)
Replied 06 June 2016
sir,
So at the end of the day whether TCS is to be collected or not from sales of land that is in cash payment.