Dear Shweta,
Actually in my opine the information provided in the question by yourself are insufficeint to give proper answer , So would like to explain the applicability of section 194IA. On the bais of facts you have would yourself get the answer.
APPLICABILTY
Section of 194IA applicable from Ist June 2013.
Applicable to ANY PERSON who is PAYING CONSIDERATION > 50,00,000/- , So please check whether in your case considration amount more than 50 lacs or not? if less than that you would not need to deduct the TDS.
to a ANY RESIDENT , So please check in your case person to whom you are paying not a NON resident.
who transfer IMMOVABLE PROPERTY ( other than agricultural land ), so please check in your case if you are purchasing agricultural land in rural area then you no need to deduct TDS.
When required to be deducted TDS if above condition apply:
There are 2 point of time which need to be CHECK:
1. when PAYMENT made (by cash or cheque or draft)
2. When CREDIT GIVEN TO TRANSFER IN THE BOOKS if you are maintaining the books of accounts.
WHICHEVER IS EARLIER.
So, in your case you must check above timing when happen after 1st June or after June. also you can see from above registration timing or transfer time of property NOT a point of time on which TDS deduction depends so it is irrelevent when its happen.
AT WHICH AMOUNT TDS WOULD BE DEDUCTED
on the PAYMENT made towards consideration > 50Lacs after 1st June 2013.
i.e., suppose payment has been made in the installment 45 lacs payment you have already made before 1st june 2013 and remaining payment is 6 lacs only which you have made after 1st June 2013 , in that case TDS would attract on the 6 lacs only).
So please check in your case how much payment has been made after 1st June 13 towards the total consideration.
Hope from the above , you would get the better idea of the TDS deductibilty would be required in your case.
Thanks
CAclubindia
