Sir / Madam
This is in reference to the provision of Section 194 IA of Income tax Act. My queries are as follows:
1) If the agreements were executed for purchase of property as on 1st June 2010 whether this transaction attracts the provisions of Section 194IA i.e. TDS on Immovable Property?
2) In the same case, the transactions entered into for two separate properties through two different agreements for Rs. 28 lacs and Rs. 30 lacs resp. inn joint name. Whether the limit of Rs. 50 lacs as set u/s 194IA is applicable to these transactions?
3) Suppose, the above section is applicable then on whose PAN the TDS to be deductible?
Kindly revert.
Thanks,
Suraj
CAclubindia
