Annual Information Statement (AIS) – Receipts from transfer of immovable property

AIS is the abbreviation form of ‘Annual Information Statement’ which is recently rolled out by the Income Tax Department. Along with ‘Annual Information Statement’, the department also came up with the ‘Taxpayers Information Summary’ i.e., TIS.

Notably, if the information reflected in the ‘Annual Information Statement’ is incorrect, the taxpayer is facilitated to submit online as well as offline feedback. Real time updation will be automatically done under ‘Taxpayers Information Summary’ as and when ‘Annual Information Statement’ is updated on the basis of feedback filed by the taxpayer.

Accordingly, it is important to understand various information categories covered under the ‘Annual Information Statement’. One such category is ‘Receipts from transfer of immovable property’ which is taken up and explained in the present article.

Transfer of immovable property vis-à-vis TDS provisions-

As we know, the transfer of immovable property is taxable under Income Tax Act. Accordingly, as per section 194-IA of the Income Tax Act, the buyer of the immovable property is liable to deduct TDS. TDS provisions covered under section 194-IA are briefly explained hereunder-

AIS – Receipts from transfer of immovable property

1. Conditions when TDS provisions get applicable-

a. The buyer is purchasing an immovable property from a resident seller;

b. Consideration is above INR 50 Lakhs;

c. Immovable property transferred is any land (other than agricultural land); or building etc.

2. The deductor/ buyer is liable to deduct TDS earlier of the time of credit or time of payment in cash/ cheque/ draft/ any other mode.

3. TDS is deductible @ 1%.

4. The sum so deducted by the buyer is to be deposited to the Government within a period of 30 days from the end of the month in which deduction u/s 194-IA is made. TDS amount is to be deposited via challan-cum-statement in Form No. 26QB.

5. The deductor/ buyer is also required to issue a TDS certificate in Form No. 16B to the seller.

‘Annual Information Statement’ source and processing of information category ‘Receipts from transfer of immovable property-

Information under the category ‘Receipts from transfer of immovable property’ will be taken, under ‘Annual Information Statement’ from Form No. 26QB filed by the buyer of the property. Majorly, sale consideration as per Form No. 26QB will be displayed.

‘Annual Information Statement’ will process the information received from Form No. 26QB. However, the tax treatment of the same will vary from person to person.

Author Bio

Qualification: CA in Job / Business
Company: Taxguru Consultancy / Taxguru Edu
Location: Mumbai, Maharashtra, India
Member Since: 27 Feb 2017 | Total Posts: 1001
A Blogger by Passion and a Chartered Accountant by Profession. View Full Profile

My Published Posts

Join Taxguru’s Network for Latest updates on Income Tax, GST, Company Law, Corporate Laws and other related subjects.

Join us on Whatsapp

taxguru on whatsapp GROUP LINK

Join us on Whatsapp

taxguru on whatsapp GROUP LINK

Join us on Whatsapp

taxguru on whatsapp GROUP LINK

Join us on Whatsapp

taxguru on whatsapp GROUP LINK

Join us on Whatsapp

taxguru on whatsapp GROUP LINK

Join us on Whatsapp

taxguru on whatsapp GROUP LINK

Join us on Whatsapp

taxguru on whatsapp GROUP LINK

Join us on Whatsapp

taxguru on whatsapp GROUP LINK

Join us on Whatsapp

taxguru on whatsapp GROUP LINK

Join us on Whatsapp

taxguru on whatsapp GROUP LINK

Join us on Telegram

taxguru on telegram GROUP LINK

Review us on Google

More Under Income Tax

Leave a Comment

Your email address will not be published. Required fields are marked *

Search Posts by Date

May 2022
M T W T F S S
 1
2345678
9101112131415
16171819202122
23242526272829
3031