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Section 194-IA - TDS on payment on transfer of certain immovable property

Income Tax - Deduction of Tax at Source (TDS), Collection of Tax at Source (TCS) / Withholding Tax - 17 - SEC - 194-IA: TDS ON PAYMENT ON TRANSFER OF CERTAIN IMMOVABLE PROPERTY Any person, being a transferee, responsible for paying (other than the person referred to in section 194LA) 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, wh .....

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ovable property is purchased from a non-resident person for any value, no TDS is required to be deducted under this section. However, TDS shall be deducted under section 195. It is not necessary that the land or building should be situated in India. If any person is purchasing 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 Deducti .....

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