Section 194IA TDS on Transfer(purchase) of Immovable Property

TDS on Payment on transfer of certain immovable property other than agricultural land.

Section: 194-IA.

Payer: Any person (transferee)

Payee: Any Resident Person ( transferor)

Nature of Payment: Any sum by way of consideration for transfer of any immovable property (other than rural agricultural land)

TDS Rate: 1%


Note:

• No TDS if Consideration is Less than Rs 50,00,000.
• "Consideration for transfer of any immovable property" shall include all charges of the nature of club membership fee, car parking fee, electricity or water facility fee, maintenance fee, advance fee or any other charges of similar nature, which are incidental to transfer of the immovable property.
• "immovable property" means any land (other than agricultural land) or any building or part of a building.
• The provisions of section 203A (requirement of obtaining TAN )shall not apply to this section.

Timing of deduction: At the time of credit of such sum to the account of the transferor 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

Source " income tax india"

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