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Q. > Please Help: INCOME TAX -SECTION 194IA-TDS ON SALE OF PROPERTY
Query: TDS on sale if property.
Client is paying as per construction linked plan as below:
Basic installment Rs 1364256
Service Tax Rs 42308
EDC Rs 181000
Total Rs 1364306.
Whether tds of 1% will be deducted on total amount or only on Basic instalment
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Deepa Jain
02-Nov-2015 , 07:45:08 pmAs per Sec 194IA of Income Tax Act, 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, at the time of credit of such sum to the account of the transferor or at the time of payment of such sum in cash or by issue of a cheque or draft or by any other mode, whichever is earlier, deduct an amount equal to one per cent of such sum as income-tax thereon. (2) No deduction under sub-section (1) shall be made where the consideration for the transfer of an immovable property is less than fifty lakh rupees. Section is very much clear about amount on which TDS to be deducted i.e. TDS to be deducted on any sum paid by transfree to transferor as consideration either it is basic value or service tax or any other amount which is included in consideration Hence TDS to be deducted on Basic Value + Service Tax + other payment.