Note on Section 194-IA – TDS on Purchase of Immovable Property

• March 7, 2020
• CA Chandan Agarwal's Office

Article explains Who is responsible for tax deduction under Section 194-IA, When tax has to be deducted under Section 194-IA, Rate of TDS on Purchase of Immovable Property, Threshold Limit for deduction of TDS under Section 194-IA, Online Payments of TDS under Section 194-IA, Form 26QB, Steps to Pay Tax TDS Online and Important Points to be Noted related to deduction of TDS on Purchase of Immovable Property under Section 194-IA.

1. Who is responsible for tax deduction under Section 194-IA

Any person responsible for paying any sum to a resident transferor by way of consideration for transfer of an immovable property (i.e. building or part of building or any land other than agricultural land) is liable to deduct tax at source u/s 194-IA. This provision came in June 2013.

Read more on: https://taxguru.in/income-tax/note-section-194ia-tds-purchase-immovable-property.html