SECTION 194-IA OF THE INCOME TAX ACT, 1961

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SECTION 194-IA OF THE INCOME TAX ACT, 1961
Category: Income Tax, Posted on: 31/01/2024 , Posted By: SUMIT BIHANI

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TDS (Tax Deducted at Source) implications can arise in the context of property transactions. TDS is applicable when certain specified transactions, such as the purchase of property, occur.

Below are some key points related to TDS implications when purchasing property in India:

SECTION	NATURE OF PAYMENT	PAYEE (Seller)	PAYER (Buyer)	RATE
194-IA	Transfer of Immovable property (other than rural land)	Resident Person	Any person	1% of consideration or SDV, whichever is higher.

Additional points: -

1. TDS is applicable only if consideration or SDV is Rs.50,00,000 or more.

2. Consideration for transfer of immovable property shall include the following:

· Club membership fees

· Car parking fees

· Electricity facility fees

· Water Facility fees

· Maintenance fees

· Advance fees or any other similar charges incidental related to transfer

3. Both the buyer and the seller are required to have a Permanent Account Number (PAN) in India.

Time limit for deduction of TDS

I. At the time of payment, or

II. At the time of crediting the account of payee, whichever is earlier.

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