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Please Help: Income Tax

Posted Date : 03-May-2013 , 03:04:26 pm | Posted By: AJAY D. LUKKA

Category : Income Tax | Answers : 0| Comments : 1| Hits: 155

One of My Client is Builder, Customer Booked the Flat, Many times it may happen that customer Cancel the Flat which they booked earlier, so Builder pays Compensation along with money paid by customer to the Customer, Whether such a Compensation is liable to TDS ? If yes then under which section ? Please Reply Thank You

Comments
Posted By : CA Pardeep Chanana 08-May-2013, 01:37:33
When a customer booked a flat, it create a right in capital asset. On cancellation that right is again transferred to the builder/third party as the case may be, to whom the right have been transferred. It is case of capital gain tax, not of TDS.Further w.e.f 01/06/2013 provisions of section 194IA would become applicable for deduction of TDS @1% on transfer of immovable property exceeding Rs. 50Lacs.
 

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