Tds 194 ia (on property)

Conditions to be satisfied for applicability of section 194-IA:

• The payer must be any person referred to in section.
• The payee must be a resident transferor of an immovable property (other than agricultural land).
• The payment must be by way of consideration for transfer of any immovable property (other than agricultural land).
• The quantum of payment must be Rs. 50 lakhs or more.

In my opinion, TDS provisions would apply in the instant case.

In case there are more than 1 properties and the individual pp of each property is less than Rs. 50 Lacs, but the aggregate value of the transaction exceeds Rs. 50 Lacs, in such cases 194IA would be applicable and the TDS on the property would be required to be deducted and deposited with the govt.