Section 194IA - TDS on Sale of Immovable Property
TDS (Tax Deducted at Source) u/s 194IA is required to be deducted @1% by the buyer of an Immovable Property from a RESIDENT transferor of the said immovable property. No TDS is required to be deducted where sale consideration and stamp duty value of the property, both, are less than Rs. 50 Lakhs. TDS is required to be deducted only when either the Sale Consideration (01) or Stamp Duty Value of the immovable property is more than or equal to Rs. 50 Lakhs. TDS @ 1% is required to be deducted on the entire sale consideration or stamp duty value, whichever is higher. EXAMPLE_A: Sale Consideration = Rs. 49 Lakhs Stamp Duty Value = Rs. 60 Lakhs TDS of Rs. 60,000/- will be deducted @ 1% on stamp duty value (being higher than the sale consideration) Immovable Property means Land (except Agricultural Land) or any Building or any part of a Building. It is important to note here that Agricultural Land (02) is exempted from definition of Immovable Property under this section. If the seller of