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Section 194-IA is effective from 1st June 2013 on the sale/ purchase of immovable property. A buyer of immovable property at the time of making payment of contribution has to deduct the TDS (Tax deducted at source) from the amount. This section applies to every transaction of INR 50 Lakhs or more.
Depending upon the purpose of deduction, the following forms are filed for TDS return:
Section 194-IA applies in the following case:
Section 194-IA does not apply to the following:
The land shall not be treated as agricultural land for this section & shall be considered as immovable property if it is situated within the following range of area:
Following are the key points for better understanding about section 194-IA
Also, Read: TDS Exemption Certificate.
Following are the complete procedure for payment and filing of 26QB and furnishing of form 16B:
Following are the penalty & interest depending upon the case of failure:
Also, Read: Section 73 of the Income Tax Act, 1961.
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