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Author Topic: section 194-IA for tax on 50+ lacs property  (Read 520 times)

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Offline pankaj.bishnoi

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section 194-IA for tax on 50+ lacs property
« on: April 06, 2016, 07:47:30 AM »
Hello Sir/Madam,

My query is regarding the income tax levied on buying of property above 50 lacs.

Please see below the details of my case.

1. I bought a flat rated above 50 lacs in the month of january 2013.
2. The full payment of this ready to move in flat was paid by march 2013.
3. Registry was delayed because the flat was not ready for possession and some work was to be done on that.
3. in June 2013 the 194-IA was put in force by the government.
4. After June the registry was done for the flat. where we dicussed the 1% tax that was to applied to us or not.
5. The builder said you donot need to pay anything.
6. Now i have got an email as a TDS initmation and asking for the tax payed on the immovable property.

Can you please let me know the following.

1. In my case, does it qualify for the 1% tax submission?
2. if not, who should pay the 1% percent tax?
3. what if the builder disagrees to pay the tax?

Any other advice from your experience would be huge favor.

Thanking you in advance and anticipating a reply from you.

Pankaj Bishnoi

Offline rajgopal sripathi

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Re: section 194-IA for tax on 50+ lacs property
« Reply #1 on: April 07, 2016, 04:17:00 AM »
My answers are as follows:
1)  In my case, does it qualify for the 1% tax submission? -
 Hi, Please note that it is 1% Tax deducted at source. You(Buyer)  are responsible for Deducting 1% TDS ( deduction of tax under section 194-IA) and you should have furnished the certificate of deduction of tax at source in Form No. 16B to the seller.

2. who should pay the 1% percent tax-  Actually the buyer is not paying 1% extra. The buyer is deducting the Tax 1% from the sale proceeds and remitting TDS for and on behalf of seller. Seller has to file his IT Returns and claim tax refund if he is eligible.

3. what if the builder disagrees to pay the tax-
Seller(builder) has no option.It is a law stipulated by the Government.
Rajgopal Sripathi


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