Section 194IA, 194IB & 194LA of Income Tax Act, 1961 In detail

• December 2, 2020
• CA Chandan Agarwal's Office

SECTION 194IA: Deduction of tax at source from payment on transfer of certain immovable property  [AY 2021-22]

 Provisions of Section 194-IA:

(1)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 transfer or 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.

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