If I purchase a immovable property exceeds Rs. 50 lakhs before 1 June 2013 and payment is made after 1 June 2013, is I liable to deduct TDS under sec 194IA ??
Plz help me.
1 Replies
Kiran
(CA)
(44 Points)
Replied 28 September 2013
As an Individual, assuming you would not maintain books of accounts, the credit entry in favour of the seller is unlikely. In such case, the obligation will be triggered at the time of payment. Therefore, though you have purchased the asset prior to 1 June 2013 as the payment is made after 1 June 2013, TDS would need to be deducted.
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