Whether TDS would be deductible on purchase of Transferable Development Rights (TDR)?
Sunilkumar (CA) (30 Points)
29 March 2023Whether TDS would be deductible on purchase of Transferable Development Rights (TDR)?
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(168037 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.)
(168037 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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