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Section 194IA

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Section 194IA: TDS on purchase and sale of immovable property

Income Tax : Understand TDS on immovable property transactions. Section 194-IA mandates TDS deduction at 1% for sale consideration exceeding Rs...

May 10, 2024 3576 Views 0 comment Print

Procedure to file TDS Return on Sale of Property & Download Form 16B

Income Tax : "Discover a step-by-step guide to file TDS on property sale with Form 26QB. From filling the form to downloading Form 16B, simplif...

November 25, 2023 2589 Views 1 comment Print

TDS on Immovable Property Purchase: Section 194IA Explained

Income Tax : Learn about TDS on the purchase of immovable property in India under Section 194IA. Understand the rules, rates, and consequences ...

October 28, 2023 4404 Views 2 comments Print

Understanding TDS on Immovable Property Purchases: A Buyer’s Guide

Income Tax : Learn about Section 194-IA and essential aspects of TDS when buying property in India. Explore deductor-deductee roles, exemption ...

October 26, 2023 2364 Views 0 comment Print

Tax Implication on Sale & Purchase of Immovable Property for Seller & Buyer

Income Tax : Learn about tax implications for sellers and buyers of immovable property. Understand capital gains, stamp duty, tax withholding, ...

September 1, 2023 38910 Views 7 comments Print


Latest News


Reasons for Zero Credit in Form 16B TDS Certificate on Sale of Immovable property

Income Tax : It has been observed that deductors are wrongly entering the tax amount deducted on sale of property in 'interest' or 'others' or ...

November 5, 2013 6022 Views 0 comment Print


Latest Judiciary


Denial of exemption u/s. 54 due to mistake committed by developer unjustified: ITAT Mumbai

Income Tax : ITAT Mumbai held that denial of exemption under section 54 of the Income Tax Act unjustified as appellant cannot be penalized for ...

March 18, 2024 300 Views 0 comment Print

TDS u/s. 194-IA deducted on assets sold during liquidation should be refunded to corporate debtor

Corporate Law : NCLT Ahmedabad held that the amount of TDS deducted under section 194-IA on assets sold during the process of liquidation should b...

December 21, 2023 2874 Views 0 comment Print

Section 54B Capital Gains Exemption: ITAT remands Matter to AO

Income Tax : ITAT Chennai's ruling in Smt. Nagappan Suganthi Vs ACIT. Non-consideration of evidence on deduction claim u/s 54B and capital gain...

October 22, 2023 303 Views 0 comment Print

Actual status of payment by each co-owner needs to be verified in terms of applicability of section 194IA

Income Tax : ITAT Raipur resorted the matter back to AO to verify the actual status of payment of consideration by each co-owner vis-à-vis app...

October 20, 2023 285 Views 0 comment Print

Long-term capital loss u/s 50B allowed as Form 3CEA filed during assessment proceeding

Income Tax : ITAT Kolkata held that rejection of claim of long-term capital loss u/s 50B of the Income Tax Act unjustified as Form 3CEA filed d...

October 16, 2023 1554 Views 0 comment Print


Latest Notifications


No Section 194IA TDS on payment by Air India limited to holding company for property

Income Tax : Central Government hereby specifies that no TDS shall be deducted under section 194-IA of Income Tax Act  on any payment made to ...

September 10, 2021 852 Views 0 comment Print

CBDT notifies Form no. 26QC for payment of TDS on rent u/s 194IB and Form No.16C for TDS Certificate

Income Tax : Every person responsible for deduction of tax under section 194-IB shall furnish the certificate of deduction of tax at source in ...

June 8, 2017 34317 Views 0 comment Print

CBDT notifies changes in Rules related to Refund of TDS

Income Tax : CBDT has vide notification No. 45/2017 notified that claim for refund of TDS paid can be furnished by the deductor in Form 26B ...

June 5, 2017 8133 Views 0 comment Print

Due date of filing statement for TDS on Sale of Property extended

Income Tax : Due date of filing statement for deduction of tax at source (TDS) on Sale of Property u/s 194-IA has been extended to 30 days from...

May 31, 2016 18211 Views 0 comment Print

Revision in TDS due date & Supporting for claim of Deduction from Salary

Income Tax : 26C. Furnishing of evidence of claims by employee for deduction of tax under section 192.- (1) The assessee shall furnish to the p...

April 29, 2016 64810 Views 0 comment Print


Revision in TDS due date & Supporting for claim of Deduction from Salary

April 29, 2016 64810 Views 0 comment Print

26C. Furnishing of evidence of claims by employee for deduction of tax under section 192.- (1) The assessee shall furnish to the person responsible for making payment under sub-section (1) of section 192, the evidence or the particulars of the claims referred to in sub-rule (2), in Form No.12BB for the purpose of estimating his income or computing the tax deduction at source.

CPC-TDS enables online correction in form 26QB

March 22, 2016 101197 Views 4 comments Print

Section 194IA of the IT Act relates to TDS on Sale of property. Form 26QB is an online statement-cum-challan to be filled and submitted by the buyer of the property for making TDS payment on sale of property. It contains details of buyer, seller, property being sold, sale consideration, tax deposit details etc.

Withholding tax Impact on Property transaction by Non-Residents Indian/Foreign Nationals

July 11, 2015 14012 Views 7 comments Print

As per Section 194-IA If property is sold by resident than buyer requires to deduct TDS at 1% on sale Value. Whereas section 195 require deducting TDS on payment to Non-Resident at normal tax rate applies to transaction i.e. 20% in case long term held property and 30%+cess on short term held property.

Transfer of Immovable Property & Income Tax – A Critical Analysis

February 7, 2014 19903 Views 13 comments Print

Government of India has Introduce a new area for collection of Tax at source with effect from 1st June 2013 known as TDS on Transfer of Immovable Property. The intention behind the Introduction of TDS is to put check on Realty Sector and to ensure reporting of sale / purchase of Immovable property which were earlier not reported anywhere or reported at later stage i.e. after the end of the financial year in which actual transaction was taken place.

Reasons for Zero Credit in Form 16B TDS Certificate on Sale of Immovable property

November 5, 2013 6022 Views 0 comment Print

It has been observed that deductors are wrongly entering the tax amount deducted on sale of property in ‘interest’ or ‘others’ or ‘fee’ column while making the e-payment. Accordingly, zero TDS credit will appear in Form 16B.

Practical difficulties in payment of TDS U/s. 194IA

August 28, 2013 7153 Views 0 comment Print

Recently in the finance Act 2013, TDS @ 1% was introduced u/s 194-IA which got effective from 1.6.2013. It is not clear from the said provision whether this provision is applicable to the property under development / construction or not as till the date construction is complete, even the respective unit/flat is not identifiable unit and till some point of time even it is not in existence.

TDS on Real estate Industry – Pain or Gain

August 24, 2013 21232 Views 0 comment Print

Vide Finance Act 2013; concept of TDS on Real estate transactions was introduced in India. As per Newly inserted section 194IA, Any person, who purchases any immovable property (other than agricultural land) for a consideration, shall require to deduct tax at source @1% of the amount paid to resident seller; provided the consideration is INR 50 lakh or more.

Section 194IA of I T Act- A Critique (Supplement)

August 2, 2013 9015 Views 0 comment Print

The enactment suffers from certain lacunae and loopholes of a vital nature. The predominant of all is this: The TDS requirement as mandated has, in terms, application to a case of transfer, ONLY if it is of ‘a building or PART OF A BUILDING ‘. Had, however, the legislative history not been over sighted by the North Block, it would have been realised that the term ‘part of a building” cannot rightly be regarded to cover within its ambit the not-so-independent ‘units’ of a building comprising flats or apartments.

Section 194 IA (the enactment) of a recent origin

July 2, 2013 12125 Views 8 comments Print

The newly introduced provision, briefly stated, mandates withholding of 1 % tax (TDS) by a transferee of an immovable property, on payment of consideration to transferor, if the consideration exceeds 50 lakhs rupees.

How to Pay TDS on sale of Immovable property – PPT

June 14, 2013 8210 Views 0 comment Print

• As per Finance Bill of 2013, TDS is applicable on sale of immoveable property wherein the sale consideration of the property exceeds or is equal to Rs 50,00,000 (Rupees Fifty Lakhs). • Sec 194 IA of the Income Tax Act, 1961 states that for all transactions with effect from June 1, 2013, Tax @ […]

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