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.
3 Replies
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....
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