Sec. 194laa - new section under tds provisions

Kalpesh Chauhan, (Tax Assistant (Accounting Technician CA FINAL CS PROF. PROG. B.Com))   (8311 Points)

27 March 2012  

Sec. 194LAA

TDS from payment for immovable property in certain cases.

 

 TDS will apply at the rate of 1% on payment as a consideration for transfer of any immovable property

(other than agricultural land).

 

However, No TDS if consideration is less than

a) Rs 50 lakhs- for property situated in a specified urban agglomeration area;

b) Rs 20 lakhs- for property situated in any area other than specified areas (includes metro cities).

Remind that the provision of Section 203A would not apply to the person required to deduct tax in

accordance with the provisions of this section. This new Section 194LLA will effect from 01 October 2012.