Whether TDS would be deductible on purchase of Transferable Development Rights (TDR)?
3 Replies
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(177852 Points)
Replied 29 March 2023
TDS is applicable on 'transfer of development right' @ 10% per section 194IC.
Sunilkumar
(CA)
(30 Points)
Replied 29 March 2023
Dear Sir,
194IC covers the specified agreement [section 45)5A)] wherein person owning the land or building or both allows another person to develop in consideration of a share in developed project.
Whether TDS would be applicable on sale of TDR certificate?
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(177852 Points)
Replied 29 March 2023
Transferable Development Rights - a technique of land development. TDR is a technique of land development, which separates the development potential of a particular parcel of land from it and allows its use elsewhere within the defined zones of the city.
Sale of TDR is considered as sale of development rights.
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