TMI BlogSection 194-IA - TDS on payment on transfer of certain immovable propertyX X X X Extracts X X X X X X X X Extracts X X X X ..... to a resident transferor any sum by way of consideration for transfer of any immovable property (other than agricultural land), shall be liable to deduct tax. Time of Deduction At the time of credit or payment, whichever is earlier. Rate of TDS 1% of the total consideration for transfer of immovable property Amendment made by finance act 2022, w.e.f. 1-4-2022 TDS on sale of immovable property, at ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hasing property outside India from a person resident in India, he is liable to deduct tax at source on sale consideration @ 1%. In case section 194-IA is attracted then the purchaser isn t required to obtain TAN, i.e. Tax Deduction Account Number i.e. section 203A is not applicable. Every person who is purchasing property of 50 lakhs or more have to deduct TDS @ 1% of the payment made to the selle ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... not capital asset) is acquired under any law in force, the provisions of section 19LA shall apply and provisions of section 194-IA is not applicable. Any person responsible for deduction of tax u/s 194-IA shall credit such sum to the central government within 30 days accompanied by challan-cum-statement in Form 26QB and shall furnish certificate for deduction of tax in Form No. 16B to the payee wi ..... X X X X Extracts X X X X X X X X Extracts X X X X
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