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Section 194IA(2) exemption limit applies to each transferee separately
Case Law Details
- Case Name
- Vinod Soni Vs ITO (ITAT Delhi)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2014-15
- Courts
- All ITAT, ITAT Delhi
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Vinod Soni Vs ITO (ITAT Delhi)
Conclusion: Limit of exemption of Rs. 50 lakh under section 194-IA(2) was applicable to each transferee separately as each transferee was a separate income tax entity therefore, the law has to be applied with reference to each transferee as an individual transferee / person and not with reference to the amount as per sale deed.
Held: In the instant case, four persons of same family purchased 1/4thundivided equal shares in immovable property for Rs. 1,50,00,000/- and 1/4th share purchase consideration for each person was only Rs. 37,50,000/- each. AO held that si...
