Bookmarks   Feedback   Annual Subscription   New User   Login  
Tax Management India .com   
   TMI - Tax Management India. Com   
Refund - reduction in value - credit notes towards trade discount raised by the Assessee subsequent to the sale - refund allowed - SC    *    Delayed deposit of collected service tax - due to lack of funds - Such possibilities do occur in the world of business - No penalty - Tri    *    CHAIR, BENCH AND STOOL - CORRECT CLASSIFICATION    *    Classification of Commodity fuel oil" derived from waste tyres/old tyres/plastic wastes    *    WPC for bluetooth headphones.    *    CENVAT CREDIT ON CERTIFIED COPY OF BILL OF MISC. CHARGES ON FINALIZATION OF BOE    *    LTC exemption for travelling to Sri Lanka    *    DTA supplied goods at SEZ - Order receive in US $    *    Regarding Refund    *    eligibility of service tax credit    *    Removal of goods from Depot to Job worker    *    90% exemption / abatement from service tax for a period of one year for Transport of passengers, with or without accompanied belongings, by air, embarking from or terminating in a Regional Connectivity Scheme Airport. - Notification    *    Education Cess / Secondary & Higher Education Cess    *    Opinion for availment of Cenvat Credit on invoices provided by CHA against service received for Export and Import.    *    Tariff Notification in respect of Fixation of Tariff Value of Edible Oils, Brass Scrap, Poppy Seeds, Areca Nut, Gold and Sliver    *    Filing of online return for first quarter of 2016-17 - extension of period thereof    *    Jurisdiction of income-tax authorities    *    Advisory on Introduction of Special Advanced Authorisation Scheme    *    Applicability Of Service tax on Liquidated Damages    *    Purchase from unregistered dealer    *    Disclosures on the Website    *    Cabinet approves simplification and liberalisation of the Foreign Direct Investment Policy, 2016 in various sectors
 
Discussions Forum
Home Forum Income Tax
← Previous Next →

194IA APPLICABILITY/TECHNICAL ISSUES - Income Tax

#1 Issue Id: - 105775
Dated: 8-6-2013
By:- hubert fernandes
194IA APPLICABILITY/TECHNICAL ISSUES

  • Forum

 

194IA Inserted vide finance act qef 01.06.13,

whether is it applicable for ongoing real estate projects where the agreement for sale is executed prior to 01.06.13 ?,

If  part payment of the the consideration on such sale of apartements in ongoing projects(ie agreement executed/registered prior 01.06.13) is paid to the builder/developer  prior to 01.06.13, whether TDS has to be deducted on balance payable to builder or even on the amout paid prior to june 2013?

Assuming that a real esate sale take place after 01.06.13, whether the purchaser is required to deduct TDS on the entire consideration on the date of agreement (ie one time) or whether tds is to deduceted as per payment schedule dates as mentioned in the agreement for sale?

what is consideration? whether TDS is to be deducted only on the sale consideration or also on the car park and other outgoing paid(like electricty meter charges, club house, infrastructure tax etc)?

 

Post Reply

Posts / Replies

 

#2 Dated: 11-6-2013
By:- sanjeev bajaj

Section 194IA of the IT Act says that tax be deducted at the time of payment or credit whichever is earlier. Hence, payment already made before 1.6.2013 should not be considered for deduction of tax.

Yes, it is applicable for ongoing projects even though agreement for sale is executed before 1.6.2013.

Consideration should be taken for all charges which are includible for the purpose of levy of stamp duty for registration of sale deed.

This is my opinion, If any body has different opinion, Pl let me know.


#3 Dated: 11-6-2013
By:- sanjeev bajaj

Further to my earlier reply, Pl refer to clause (d) of section 269UA of IT Act as referred in explanation I  of clause (47) of Section 2 of the IT Act  for the meaning of immovable property which includes plant, machinery, furniture, fittings or other things as well as any rights therein. Hence whatever payment made for any rights therein the same shall be considered as consideration for transfer of immovable property.

Further, it includes constructed of to be constructed.


Post Reply



 

← Previous Next →
what is new what is new

Advanced Search

Latest Updates

Forum

Featured

Experts

More Options

Communication




|| About us || Contact us || Disclaimer || Terms of Use || Privacy Policy || TMI Database || Members || Site Map || ||

© Taxmanagementindia.com [A unit of MS Knowledge Processing Pvt. Ltd.] All rights reserved.

Go to Mobile Version