What should be the TDS deduction u/s 194-IA if the value of the property is above 1 crore?
Do we have to add surcharge?
Will it be 1% or 1.10% ?
Thanks.
CA Pallav Singhania
(IT System Auditor)
(33262 Points)
Replied 03 November 2013
If payment is made to a Non-Resident then section 194-IA will not be applicable. Rather section 195 will be attracted and TDS is required to be deducted @ 20%+EC&SHEC on the sale consideration.
Surcharge @ 10% will be applicable if amount paid exceeds Rs 1 crore. The limit of Rs 50,00,000/- is not applicable in case of payments made to NRI’s.
Mihir
(Wealth Manager)
(5293 Points)
Replied 04 November 2013
Thanks Mr. Aryan.
So payment made toward property above 1 crore to a resident does not attract surcharge, right?
CA Pallav Singhania
(IT System Auditor)
(33262 Points)
Replied 04 November 2013
In my opinion No surcharge on such payment to resident....
Live class on PF & ESI Enrollment & Returns Filing(with recording)