1 Apr 2021
I am the buyer wishing to buy a property of co-owners, 2 persons (sellers/ vendors) and amount for sale consideration/ agreed is 83 lacs INR which will be shared equally among co-owners as per property laws, still do I need to deduct 1% of the amount for sale considered and generate form 26AS?
Here, 83 lacs INR amount is shared among co-owners as 41.5 lacs INR equally which is less than 50 lacs as per section 194-IA.
Also I have observed that, there was such a case resolved at ITAT, Jodhpur Bench, Jodhpur court
Case name: M/s. Oxcia Enterprises Private Limited Vs. DCIT, Circle-TDS, Udaipur,
Appeal no: ITA No.291/Jodh/2018,
Judgement date: 06.05.2019
which stated in favour of appeal that there is no TDS applicable as per section 194-IA for such case. Please check para 5 and 6 of judgement order. For reference, there is an attached court judgement order.
So with this reference, I would like to know more about my case described before and firm clarity on the same.
Please let me know soon about the same.