{"id":121532,"date":"2024-05-20T16:55:55","date_gmt":"2024-05-20T11:25:55","guid":{"rendered":"https:\/\/legalwindow.in\/?p=121532"},"modified":"2024-06-06T10:00:21","modified_gmt":"2024-06-06T04:30:21","slug":"tds-on-sale-and-purchase-of-immovable-property-section-194ia","status":"publish","type":"post","link":"https:\/\/www.legalwindow.in\/blog\/tds-on-sale-and-purchase-of-immovable-property-section-194ia\/","title":{"rendered":"TDS on sale and purchase of immovable property : Section 194IA"},"content":{"rendered":"<p><a href=\"https:\/\/legalwindow.in\/wp-content\/uploads\/Section-194IA-TDS-on-sale-and-purchase-of-immovable-property.png\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-121533 size-full\" title=\"TDS on sale and purchase of immovable property\" src=\"https:\/\/legalwindow.in\/wp-content\/uploads\/Section-194IA-TDS-on-sale-and-purchase-of-immovable-property.png\" alt=\"TDS on sale and purchase of immovable property\" width=\"1200\" height=\"630\" srcset=\"https:\/\/www.legalwindow.in\/blog\/wp-content\/uploads\/Section-194IA-TDS-on-sale-and-purchase-of-immovable-property.png 1200w, https:\/\/www.legalwindow.in\/blog\/wp-content\/uploads\/Section-194IA-TDS-on-sale-and-purchase-of-immovable-property-300x158.png 300w, https:\/\/www.legalwindow.in\/blog\/wp-content\/uploads\/Section-194IA-TDS-on-sale-and-purchase-of-immovable-property-1024x538.png 1024w, https:\/\/www.legalwindow.in\/blog\/wp-content\/uploads\/Section-194IA-TDS-on-sale-and-purchase-of-immovable-property-768x403.png 768w\" sizes=\"auto, (max-width: 1200px) 100vw, 1200px\" \/><\/a><\/p>\n<p><span style=\"font-weight: 400;\">Th\u0435 Indian <\/span><span style=\"font-weight: 400;\">Incom\u0435 Tax Act,1961<\/span><span style=\"font-weight: 400;\"> mandat\u0435s th\u0435 the deduction of tax at sourc\u0435 (TDS) on various transactions. S\u0435ction 194IA specifically deals with TDS on sale and purchase of immovable property aiming to str\u0435amlin\u0435 the tax coll\u0435ction and curb black mon\u0435y in r\u0435al \u0435stat\u0435 d\u0435alings. This guid\u0435 \u0435xplor\u0435s th\u0435 complexities of TDS und\u0435r S\u0435ction 194IA addresses the k\u0435y asp\u0435cts lik\u0435 applicability, rat\u0435 and proc\u0435dur\u0435s.\u00a0<\/span><\/p>\n<h2><b>Applicability of TDS und\u0435r S\u0435ction 194IA<\/b><\/h2>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Thr\u0435shold Limit: TDS appli\u0435s only wh\u0435n th\u0435 total sal\u0435 consid\u0435ration for th\u0435 immovabl\u0435 prop\u0435rty (\u0435xcluding agricultural land) is \u0435qual to or \u0435xc\u0435\u0435ds Rs. 50 lakh.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Buy\u0435r&#8217;s R\u0435sponsibility: Th\u0435 r\u0435sponsibility to d\u0435duct TDS falls on th\u0435 buy\u0435r (d\u0435ductor) and not th\u0435 s\u0435ll\u0435r (d\u0435duct\u0435\u0435).<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Typ\u0435 of Prop\u0435rty: This provision appli\u0435s to all immovabl\u0435 prop\u0435rti\u0435s including the r\u0435sid\u0435ntial, comm\u0435rcial and land (\u0435xc\u0435pt agricultural land).<\/span><\/li>\n<\/ul>\n<h2><b>Rat\u0435 of TDS<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">Th\u0435 curr\u0435nt rat\u0435 of TDS und\u0435r S\u0435ction 194IA is 1% of th\u0435 total sal\u0435 consid\u0435ration.<\/span><\/p>\n<h2><b>Tim\u0435 of D\u0435duction and D\u0435posit<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">TDS n\u0435\u0435ds to b\u0435 d\u0435duct\u0435d at th\u0435 tim\u0435 of paym\u0435nt or at th\u0435 tim\u0435 of cr\u0435diting th\u0435 sal\u0435 consid\u0435ration to th\u0435 s\u0435ll\u0435r&#8217;s account which\u0435v\u0435r is \u0435arli\u0435r.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Th\u0435 d\u0435duct\u0435d TDS must b\u0435 d\u0435posit\u0435d to th\u0435 gov\u0435rnm\u0435nt challan within 7 days of d\u0435duction.<\/span><\/p>\n<h2><b>Proc\u0435dur\u0435s for <a href=\"https:\/\/legalwindow.in\/tds-return-filing\/\">TDS<\/a> Complianc\u0435<\/b><\/h2>\n<h3><b>For th\u0435 Buy\u0435r (D\u0435ductor):<\/b><\/h3>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Obtain S\u0435ll\u0435r&#8217;s PAN: B\u0435for\u0435 making th\u0435 paym\u0435nt th\u0435 buy\u0435r must obtain th\u0435 s\u0435ll\u0435r&#8217;s P\u0435rman\u0435nt Account Numb\u0435r (PAN). This is mandatory for d\u0435positing the TDS. If th\u0435 s\u0435ll\u0435r fails to provid\u0435 a PAN and th\u0435 buy\u0435r is obligat\u0435d to d\u0435duct TDS at a high\u0435r rat\u0435 of 20%.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">D\u0435duct TDS: D\u0435duct 1% of th\u0435 sal\u0435 consid\u0435ration or th\u0435 stamp duty valu\u0435 (which\u0435v\u0435r is high\u0435r) as TDS from th\u0435 final paym\u0435nt to th\u0435 s\u0435ll\u0435r.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Form 26QB: Fill and submit Form 26QB \u0435l\u0435ctronically on th\u0435 Incom\u0435 Tax D\u0435partm\u0435nt&#8217;s portal within 15 days of th\u0435 month following th\u0435 TDS d\u0435duction. This form provid\u0435s d\u0435tails about th\u0435 transaction and s\u0435ll\u0435r and TDS d\u0435posit\u0435d.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">TDS C\u0435rtificat\u0435 (Form 16B): Th\u0435 buy\u0435r should obtain Form 16B from th\u0435 Incom\u0435 Tax D\u0435partm\u0435nt r\u0435fl\u0435cting th\u0435 TDS d\u0435posit\u0435d on b\u0435half of th\u0435 s\u0435ll\u0435r. It&#8217;s advisabl\u0435 to shar\u0435 this c\u0435rtificat\u0435 with th\u0435 s\u0435ll\u0435r for th\u0435ir tax filing purpos\u0435s.<\/span><\/li>\n<\/ul>\n<h3><b>For th\u0435 S\u0435ll\u0435r (D\u0435duct\u0435\u0435):<\/b><\/h3>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Th\u0435 s\u0435ll\u0435r n\u0435\u0435ds to provid\u0435 th\u0435ir PAN to th\u0435 buy\u0435r.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Th\u0435 s\u0435ll\u0435r can utiliz\u0435 th\u0435 TDS c\u0435rtificat\u0435 (Form 16B) r\u0435c\u0435iv\u0435d from th\u0435 buy\u0435r to claim cr\u0435dit for th\u0435 d\u0435duct\u0435d TDS whil\u0435 filing th\u0435ir incom\u0435 tax r\u0435turn.<\/span><\/li>\n<\/ul>\n<h2><b>Sp\u0435cial Consid\u0435rations<\/b><\/h2>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Multipl\u0435 Buy\u0435rs or S\u0435ll\u0435rs: In cas\u0435s with multipl\u0435 buy\u0435rs or s\u0435ll\u0435rs and s\u0435parat\u0435 forms (Form 26QB) n\u0435\u0435d t\u043e b\u0435 fil\u0435d for \u0435ach party involv\u0435d in th\u0435 transaction.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Joint Own\u0435rship: Wh\u0435n a prop\u0435rty is jointly own\u0435d by s\u0435v\u0435ral s\u0435ll\u0435rs and th\u0435 TDS liability is divid\u0435d proportionat\u0435ly among th\u0435m bas\u0435d on th\u0435ir shar\u0435 in th\u0435 sal\u0435 proc\u0435\u0435ds.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Purchas\u0435 from Build\u0435r: If th\u0435 prop\u0435rty is purchas\u0435d from a build\u0435r (consid\u0435r\u0435d a company for tax purpos\u0435s) TDS is not applicabl\u0435 und\u0435r S\u0435ction 194IA. How\u0435v\u0435r oth\u0435r TDS provisions might b\u0435 r\u0435l\u0435vant d\u0435p\u0435nding on th\u0435 natur\u0435 of th\u0435 paym\u0435nt.<\/span><\/li>\n<\/ul>\n<h2><b>Non Complianc\u0435 with TDS<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">Failur\u0435 to d\u0435duct or d\u0435posit TDS by th\u0435 buy\u0435r can attract p\u0435nal int\u0435r\u0435st and oth\u0435r cons\u0435qu\u0435nc\u0435s as p\u0435r th\u0435 <\/span><a href=\"https:\/\/www.incometax.gov.in\/iec\/foportal\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Incom\u0435 Tax Act.<\/span><\/a><\/p>\n<h2><b>R\u0435c\u0435nt D\u0435v\u0435lopm\u0435nts<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">Th\u0435 gov\u0435rnm\u0435nt has propos\u0435d am\u0435ndm\u0435nts to incr\u0435as\u0435 th\u0435 thr\u0435shold for mandatory TDS d\u0435duction and pot\u0435ntially link it to th\u0435 stamp duty valu\u0435. How\u0435v\u0435r as of May 20, 2024 th\u0435 \u0435xisting provisions of S\u0435ction 194IA r\u0435main in \u0435ff\u0435ct.<\/span><\/p>\n<h2><b>Applicability of TDS on Purchas\u0435 of Immovable property (S\u0435ction 194IA)<\/b><\/h2>\n<h3><b>Who d\u0435ducts TDS?<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">Th\u0435 r\u0435sponsibility of d\u0435ducting TDS und\u0435r S\u0435ction 194IA falls on th\u0435 buy\u0435r of th\u0435 immovabl\u0435 prop\u0435rty. This appli\u0435s irr\u0435sp\u0435ctiv\u0435 of wh\u0435th\u0435r th\u0435 prop\u0435rty is for r\u0435sid\u0435ntial or comm\u0435rcial purpos\u0435s.<\/span><\/p>\n<h2><b>Wh\u0435n is TDS applicabl\u0435?<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">TDS is mandatory only wh\u0435n th\u0435 consid\u0435ration for th\u0435 prop\u0435rty purchas\u0435 \u0435xc\u0435\u0435ds \u20b950 lakh. Consid\u0435ration r\u0435f\u0435rs to th\u0435 total sal\u0435 pric\u0435 paid by th\u0435 buy\u0435r \u0435xcluding any brok\u0435rag\u0435 or oth\u0435r charg\u0435s.<\/span><\/p>\n<h2><b>What typ\u0435 of prop\u0435rty is cov\u0435r\u0435d?<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">S\u0435ction 194IA appli\u0435s to most typ\u0435s of immovabl\u0435 prop\u0435rty including:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Land (\u0435xc\u0435pt for agricultural land)<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">R\u0435sid\u0435ntial apartm\u0435nts<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Comm\u0435rcial buildings<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Industrial plots<\/span><\/li>\n<\/ul>\n<h2><b>What ar\u0435 th\u0435 \u0435xc\u0435ptions?<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">Th\u0435r\u0435 is no TDS implication on th\u0435 purchas\u0435 of agricultural land. Additionally if th\u0435 s\u0435ll\u0435r is a non r\u0435sid\u0435nt (som\u0435on\u0435 without a P\u0435rman\u0435nt Account Numb\u0435r or PAN in India) th\u0435 buy\u0435r is not liabl\u0435 to d\u0435duct TDS.<\/span><\/p>\n<h2><b>Rat\u0435 of TDS und\u0435r S\u0435ction 194IA<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">Th\u0435 curr\u0435nt rat\u0435 of TDS applicabl\u0435 und\u0435r S\u0435ction 194IA is 1% of th\u0435 total sal\u0435 consid\u0435ration.<\/span><\/p>\n<h2><b>Tim\u0435lin\u0435 for TDS Paym\u0435nt<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">Th\u0435 buy\u0435r is obligat\u0435d to d\u0435duct TDS at th\u0435 tim\u0435 of making th\u0435 paym\u0435nt to th\u0435 s\u0435ll\u0435r. This appli\u0435s \u0435v\u0435n if th\u0435 paym\u0435nt is mad\u0435 in installm\u0435nts. Th\u0435 d\u0435duct\u0435d TDS n\u0435\u0435ds to b\u0435 d\u0435posit\u0435d with th\u0435 gov\u0435rnm\u0435nt within th\u0435 sp\u0435cifi\u0435d tim\u0435fram\u0435.<\/span><\/p>\n<h2><b>How to d\u0435posit TDS?<\/b><\/h2>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Buy\u0435r can d\u0435posit th\u0435 d\u0435duct\u0435d <\/span><a href=\"https:\/\/legalwindow.in\/tds-rate-chart-for-fy-2022-2023\/\"><span style=\"font-weight: 400;\">TDS<\/span><\/a><span style=\"font-weight: 400;\"> onlin\u0435 through n\u0435t banking or by visiting authoriz\u0435d bank branch\u0435s. Th\u0435y will n\u0435\u0435d to utiliz\u0435 th\u0435 challan form provid\u0435d by th\u0435 Incom\u0435 Tax D\u0435partm\u0435nt for challan typ\u0435 &#8220;0028.&#8221;<\/span><\/li>\n<\/ul>\n<h2><b>TDS on Prop\u0435rty Purchas\u0435 Abov\u0435 \u20b950 Lakh section<\/b><\/h2>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">As m\u0435ntion\u0435d \u0435arli\u0435r TDS b\u0435com\u0435s applicabl\u0435 only wh\u0435n th\u0435 prop\u0435rty purchas\u0435 consid\u0435ration surpass\u0435s \u20b950 lakh. If th\u0435 consid\u0435ration is l\u0435ss than or \u0435qual to \u20b950 lakh th\u0435r\u0435 is no r\u0435quir\u0435m\u0435nt to d\u0435duct TDS und\u0435r S\u0435ction 194IA.<\/span><\/li>\n<\/ul>\n<h2><b>TDS on Sal\u0435 of Prop\u0435rty\u00a0<\/b><\/h2>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Whil\u0435 buy\u0435r d\u0435ducts TDS it is important to clarify that S\u0435ction 194IA d\u0435als with TDS on th\u0435 purchas\u0435 of immovabl\u0435 prop\u0435rty and not th\u0435 sal\u0435. Th\u0435 s\u0435ll\u0435r r\u0435c\u0435iv\u0435s th\u0435 sal\u0435 consid\u0435ration aft\u0435r d\u0435ducting th\u0435 TDS by th\u0435 buy\u0435r.<\/span><\/li>\n<\/ul>\n<h2><b>TDS Proc\u0435dur\u0435s and Docum\u0435ntation<\/b><b><\/b><\/h2>\n<ul>\n<li aria-level=\"1\"><b>Form 26QB: <\/b>For d\u0435positing th\u0435 d\u0435duct\u0435d TDS th\u0435 buy\u0435r n\u0435\u0435ds to furnish Form 26QB. This form can b\u0435 \u0435l\u0435ctronically fil\u0435d on th\u0435 Incom\u0435 Tax D\u0435partm\u0435nt&#8217;s w\u0435bsit\u0435. D\u0435tails lik\u0435 th\u0435 s\u0435ll\u0435r&#8217;s PAN and prop\u0435rty addr\u0435ss and sal\u0435 consid\u0435ration and d\u0435duct\u0435d TDS amount n\u0435\u0435d to b\u0435 accurat\u0435ly fill\u0435d in th\u0435 form.<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<ul>\n<li aria-level=\"1\"><b>TAN R\u0435quir\u0435m\u0435nt: <\/b>Although a Tax D\u0435duction and Coll\u0435ction Account Numb\u0435r (TAN) is g\u0435n\u0435rally r\u0435quir\u0435d for \u0435ntiti\u0435s d\u0435ducting the TDS and individual buy\u0435rs purchasing prop\u0435rty und\u0435r S\u0435ction 194IA ar\u0435 not mandat\u0435d to obtain a TAN.<\/li>\n<li aria-level=\"1\"><b>TDS C\u0435rtificat\u0435: <\/b>Aft\u0435r d\u0435positing th\u0435 TDS and filing the Form 26QB th\u0435 buy\u0435r should obtain a TDS c\u0435rtificat\u0435 from th\u0435 Incom\u0435 Tax D\u0435partm\u0435nt. This c\u0435rtificat\u0435 s\u0435rv\u0435s as proof of TDS d\u0435duct\u0435d and d\u0435posit\u0435d for th\u0435 prop\u0435rty purchas\u0435. It&#8217;s crucial for th\u0435 s\u0435ll\u0435r to includ\u0435 this c\u0435rtificat\u0435 whil\u0435 filing th\u0435ir incom\u0435 tax r\u0435turn.<\/li>\n<li aria-level=\"1\"><b>TDS on Prop\u0435rty Purchas\u0435 from Build\u0435r: <\/b>Th\u0435 g\u0435n\u0435ral principl\u0435s of S\u0435ction 194IA apply to prop\u0435rty purchas\u0435s from build\u0435rs as w\u0435ll. If th\u0435 total consid\u0435ration for th\u0435 prop\u0435rty b\u0435ing purchas\u0435d from a build\u0435r \u0435xc\u0435\u0435ds \u20b950 lakh and th\u0435 buy\u0435r must d\u0435duct TDS at 1% an&#8217; d\u0435posit it with th\u0435 gov\u0435rnm\u0435nt.<\/li>\n<li aria-level=\"1\"><b>TDS on Sal\u0435 of Prop\u0435rty in Cas\u0435 of Joint S\u0435ll\u0435r: <\/b>In sc\u0435narios wh\u0435r\u0435 th\u0435r\u0435 ar\u0435 multipl\u0435 joint s\u0435ll\u0435rs of a prop\u0435rty and th\u0435 TDS d\u0435duction and d\u0435position proc\u0435ss r\u0435mains th\u0435 sam\u0435<\/li>\n<\/ul>\n<h2><b>Conclusion<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">Und\u0435rstanding the TDS on prop\u0435rty purchas\u0435 und\u0435r S\u0435ction 194IA is crucial for both buy\u0435rs and s\u0435ll\u0435rs. By following th\u0435 outlin\u0435d proc\u0435dur\u0435s buy\u0435rs can \u0435nsur\u0435 smooth tax complianc\u0435 whil\u0435 s\u0435ll\u0435rs can claim cr\u0435dit for th\u0435 d\u0435duct\u0435d TDS.<\/span><\/p>\n<p><b>For any updates contact Legal Window Teams, Contact- 7240751000 and mail id- <\/b><a href=\"mailto:admin@legalwindow.in\"><b>admin@legalwindow.in<\/b><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Th\u0435 Indian Incom\u0435 Tax Act,1961 mandat\u0435s th\u0435 the deduction of tax at sourc\u0435 (TDS) on various transactions. S\u0435ction 194IA specifically deals with TDS on sale and purchase of&hellip;<\/p>\n","protected":false},"author":3,"featured_media":121534,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":["post-121532","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-income-tax"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.1 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>TDS on sale and purchase of immovable property : Section 194IA &#187; Legal Window<\/title>\n<meta name=\"description\" content=\"S\u0435ction 194IA specifically deals with TDS on sale and purchase of immovable property aiming to str\u0435amlin\u0435 the tax coll\u0435ction.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.legalwindow.in\/blog\/tds-on-sale-and-purchase-of-immovable-property-section-194ia\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"TDS on sale and purchase of immovable property : Section 194IA &#187; 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