TDS under Section 194 IA - Professionals - Taxation - TIK Share
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TDS under Section 194 IA


Heena Golani

2014-06-21

As per Section 194 IA TDS on sale of Immovable Property should be deducted at source from payment on transfer of immovable properties (other than agricultural land) where the consideration paid or payable is more than Rs 50,00,000/.

But in one of the case Assesse  Mr. A made a lumpsum payment of Rs. 95 lakhs to the seller of Immovable property  and he deducted TDS  but by mistake he deducted TDs on his own name  and deposited  instead of seller Pan number, Can he claim TDS where the registry  of land was done in the name of his spouse.

Rahul Rai

2014-06-21

The question is not clear. Can you explain, why seller will get credit if his PAN was not mentioned?

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Heena Golani

2014-06-23

Instead of deducting TDF in the name of seller Mr A has deducted TDS in his own name and deposited to the Government. Therefore seller can't claim TDs as it will not reflected in his 26AS . My question  Mr>A can claim TDS as there is no  consideration received by him on which TDs is deductible.

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Rahul Rai

2014-06-23

As per me, Buyer can claim the TDS paid and he has to either pay again on the name of seller or get the TDS paid details modified by ITO.

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